Credit scores are likely to play a key role in your ability to obtain credit (auto loan, mortgage loan, credit card, etc.) and in the determination of the interest rate you will pay for that credit. A borrower with a favorable credit score is more likely to be approved and to pay a lower interest rate on new credit. However, the impact of a credit score goes even further—your score could be reviewed when you are renting housing in the future, when applying for a cell phone or cable TV account, and may even impact whether you must pay a deposit before receiving electric and gas utility service.
To learn more, download the booklet “Know Your Credit Score” published by FICO and the Consumer Federation of America.
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