Having a good credit score saves you money on interest. People with low credit scores are often saddled with higher interest rates and lower loan amounts because creditors do not have confidence in your ability to pay them back. What may only be a few percentage points on paper turns into hundreds or thousands of real dollars.
What Is A Good Credit Score?
700 and above is considered a good credit score. Lenders are more likely to loan you money and offer you good interest rates on those loans. Credit Scores aren't permanent so a low score can be improved through sound fiscal management. However, the inverse is also true. A good score can decrease over time with bad financial habits.
If you have more credit related questions you can find out more below.
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