Your credit score is extremely important because it is a measure of trust for lenders compared to other consumers. The higher your score, the more trust you will have from lenders and institutions to pay the money back. A well looked-after credit score can improve financial well-being and can make getting a mortgage, car loan, or starting a business much easier! Once a credit score is damaged, it can take years to recover.
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Higher Score |
Lower Score |
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Higher credit limit |
Lower credit limit |
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Higher chance of approval |
Lower chance of approval |
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Lower interest rates |
Higher interest rates |
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More borrowing room |
Less borrowing room |