Why Your Credit Score Is Important

Dated: 01/22/2018

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We've all heard that having a good credit score is important but do we all know why?  Your credit score is used to determine if you are credit worthy, meaning how likely you are to pay back any loan given to you.  For anyone applying for a mortgage it is especially important.  However, having a good credit score can help when you are getting a new cell phone, applying for insurance, finding a job or buying a new car.  In a recent study 70% of those responding named a good credit score as very or extremely important in a relationship.  

When you apply for a mortgage, lenders will look at your credit history as well as your current credit score.  So it is important to do everything you can to maintain a good credit score.  Lenders will look at your track record from previous loans to see if you have paid other loans as agreed.  This will go a long way toward getting  a loan approval for a mortgage.   

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