Your Credit Score Matters

Your Credit Score Is Yours
Your credit score is a number the credit bureaus have assigned to you. The credit score is based upon your payment history and is considered an indication of your likely hood to pay back lenders in the future. Your credit score is unique to you. Each credit bureau calculates a credit score on you and these credit scores may be different from each bureau.

Why You’re Credit Score Matters
When companies consider lending you money, one of the first things they check is your credit score. The lenders are using the credit score to determine for themselves your probability of paying them back. A high credit score indicates to them that you are more likely to pay them back. Based on this information, as well as other information they might gather, they determine how much of a risk you pose. If you look like a higher risk, the lender may still provide you a loan, but they will often times charge a higher interest rate on that loan because you look more risky. Having a poor credit score costs you more money from interest charges.