September 14, 2006 6:02 AM
Why Credit Scores Are Important
Credit scores are used by lenders to predict if you’ll pay off your loans and whether you’ll pay on time. Since many lenders use credit scores as one important factor in making loan decisions, knowing your credit score and better understanding what determines it can help you get a good loan.
Your credit score is also used by some credit card companies, phone companies, insurance companies, landlords and employers as a way to determine your “worthiness” for a credit card, cell phone account, car insurance or a job.
Because so many others know – and use – your score, you should know it, too. Before borrowing money, find out what score your lender will use – there are many out there – and be sure to check that score to see how you rate. Your scores can also change from day to day. One common score lenders use is the FICO score. For a fee, you can get yours at www.myfico.com.
Even if you’re not making a big purchase, it’s still useful to know how others see you. Use your credit score as a general guide to better understand your financial health. It can help you know what steps to take to improve your credit options. Improving your credit report will improve your credit score.Source: AARP
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