Your credit score isn’t just a number on paper. It’s a door to opportunity, from jobs to credit cards to loans. And, the higher your score, the wider that door opens. Your credit score calculation is based on several factors in your credit report – length of credit history, amounts owed, new credit, credit mix, and payment history. Banks use versions of these scores to make lending decisions. That means that the advantages of good credit factor in to almost every aspect of your life, whether you’re hoping to purchase your first car or get approved for a loan to start your small business. Here’s how a high credit score positively impacts your life:
