Why is your credit score important? Select all that apply.
(1 point)
Responses
Banks use it to determine whether you qualify for a loan.
Banks use it to determine whether you qualify for a loan.
It can affect your interest rate.
It can affect your interest rate.
It eliminates interest and fees from your loans.
It eliminates interest and fees from your loans.
It insures your money in case your bank fails
None of the above statements is correct. A credit score is important because:
- It is a key factor in determining whether you qualify for a loan, credit card, apartment, or mortgage.
- It can affect the interest rate you receive on loans or credit cards. A higher credit score usually means you will receive a lower interest rate.
- It can impact your ability to rent an apartment, get a job, or secure insurance.
- It can also affect your access to certain financial products and services, as well as the terms and conditions of those products and services.