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Good vs. Bad Credit: Why Is This Important?

/ BY / Credit Score

If you're like most people, you probably already know that your credit score is an important tool in determining your financial stability. As a general rule, the better your credit, the more likely lenders will be to lend you money because of a proven track record of paying it back on time. When credit is bad, however, you may find that you're limited not only financially, but in other areas as well. Your credit score is a number calculated by a number of factors that predict your risk factor in repaying your loans and bills on time. The most commonly-used credit score is the FICO score, a number between 300 and 850. Each person has three scores—one from each of the major credit reporting bureaus...

 

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