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Most major financial purchases will require you to have a credit score.
Lenders use credit scores to determine a borrower’s creditworthiness by evaluating how likely you are to pay back a loan. Generally, the higher your credit score, the more favorable your loan terms and interest rates will be. If you have a bad credit score, it may be harder to qualify for a loan, credit card, mortgage, or even a car loan.
Some of the factors used to determine your credit score include your credit utilization ratio, debt, payment history, and the length of your credit history.
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