Are Credit Scores” important?

: Are Credit Scores” important?
how and why?

Answers and Views:

Answer by chad
Yes very, your credit score paints a picture of how financially responsible you are to lenders. Low scores pose greater risk to them and therefore they may choose not to give you loan based on that financial picture, or if they do, it will be at a high interest rate, so that you pay much more in the end. If you have high credit scores, you are eligible for lower interest rates and will find it much easier to obtain financing for things such as vehicles and mortgages. Try myfico.com, for all you need to know about credit scores. And btw, you have 3 scores, transunion, equifax, and experian.

Answer by Sp100
Yes, they are very important if you ever want to lease or buy a home or get a car loan or any other kind of loan. If you have bad credit you will find it nearly impossible to buy property or rent property unless you have a lot of cash on hand for down payments.

Also, many employers do credit checks on job applicants.

Answer by bdancer222
Actually, your credit reports are much more important. If you pay all your bills on time and check your credit reports annually for accuracy (AnnualCreditReport.com), your score will take care of itself.

Employers and creditors look at your whole credit report, not just the score. The score is only a summary analysis of your reports. Don’t obsess over your score.

Answer by Caveat Emptor
Don’t worry about scores. Just make sure that the information on your credit reports is correct and that you avoid “negative” actions. The scores will take care of themselves.

Answer by stan c
When you’re looking for a home, that’s the only good reason a high credit score is important. Other than that, anything about 660 (good) will do the trick. Excellent is between 750/840