FAQs

Payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries are primary factors influencing credit scores.

A higher credit score generally leads to better borrowing terms, such as lower interest rates and higher credit limits, while a lower score might result in less favorable terms or even rejection of credit applications.

Yes, credit scores can impact various aspects of life, including renting an apartment, getting insurance, obtaining a cellphone contract, or even securing a job, in some cases.

It’s a good practice to check your credit report at least once a year from each of the major credit bureaus to ensure accuracy and to detect any potential errors or fraudulent activity.