2006-07-30 08:56:50 · 6 answers · asked by SJK 5 in Business & Finance ➔ Credit
Pretty much dictates your life in the financial arena.
2006-07-30 09:00:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In the United States, a credit score is a credit rating that represents an estimate of an individual's financial credit worthiness as calculated by a statistical model. A credit score attempts to quantify the likelihood that a prospective borrower will fail to repay a loan or other credit obligation satisfactorily over a specified period of time. A credit score is typically based on the information in an individual's credit report. Lenders such as banks and credit card companies use credit scores to manage the risk posed by lending money to consumers. Examples of such uses include determining who qualifies for a loan, assigning an interest rate, assigning credit limits, and managing accounts that are already open (for example, treatment of accounts that are in default
2006-07-30 16:05:56 · answer #2 · answered by MrsMagee 4 · 0⤊ 0⤋
For very lower scores You pay more for car insurance, have to pay a higher interest rate on loans (car, mortgage), may NOT get hired for some government jobs, financial institutions or other companies that check it first, and for some, cannot get a bank account or credit card if it's way too terrible.
Good or Great Credit has the opposite effect. It opens doors for you to get better deals on just about anything!
2006-07-30 16:46:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Credit scores are associated with risk, the lower the greater the risks, the higher the less the risks.
2006-07-30 16:03:17 · answer #4 · answered by biznesladee 1 · 0⤊ 0⤋
rates how good u pay ur bills
2006-07-30 16:00:07 · answer #5 · answered by Michael G 2 · 0⤊ 0⤋
well the better ..the better is goin to be for u to get loans etc...
2006-07-30 16:00:10 · answer #6 · answered by mazenrique 3 · 0⤊ 0⤋