Your Credit Scores

Financial ServicesCredit scores are vital to your financial Health
A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information in your credit report.

Why do your scores matter?
Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.

Want to rent an apartment? Without a good score, you may not be able to rent the apartment you want. Your score also may determine how big of a deposit you will have to pay for telephone, electricity or natural gas service.

Lenders do look at consumers’ credit scores all the time. They look at scores when deciding, for example, whether to change an interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having a good credit score makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.

Your credit score does matter.

Download the full report (PDF).

More information on FICO® Scores and credit scoring can be found online at www.myfico.com/crediteducation.

Source: FairIsaac