Credit scores matter from "summary" of Know Your Money by
Understanding the importance of credit scores is crucial for managing your financial life effectively. Your credit score is a three-digit number that represents your creditworthiness based on your credit history. It is used by lenders to determine whether to approve you for credit, such as loans or credit cards, and at what interest rate. A good credit score can open doors to better financial opportunities, such as lower interest rates on loans and credit cards, while a poor credit score can limit your options and cost you more in the long run. It is a reflection of how responsible you are with credit and how likely you are to repay your debts on time.
Maintaining a good credit score requires responsible financial behavior, such as paying your bills on time, keeping your credit card balances low, a...
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