Why do I need a good credit score?

Last Updated: May 24, 2013 09:45PM UTC

Having a good credit score is important for gaining access to credit at the best rates on loans and lines of credit. Credit scores are used by lenders to assess the risk you pose as a borrower. A good credit score says you'll generally be a lower risk for default.

Because of this, lenders will extend better terms, including lower interest rates, to borrowers with good credit. In turn, having good credit can save money on interest.

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