Your credit history and credit score are vital pieces of information that are important to your overall financial wellbeing. You should view your credit history and your credit score to better understand your current credit position. That way, you can decide whether to pursue a credit application now or wait until your credit history and credit score change.
What is my credit score used for?
Credit card companies, mortgage lenders, and insurance companies will pull a credit report along with a credit score or credit scores to use as one of the factors to determine your creditworthiness or credit risk.
Financial services companies tend to group borrowers into segments according to their credit score. These credit score ranges may determine how much you’ll be charged for your insurance coverage or the interest rate you pay on your mortgage, student, or automobile loan or the type of credit card you’ll be offered.