Your credit score is a key consideration for almost all your financial decisions, from qualifying for premium credit cards and loans to renting a new house and more. Lenders use this score to determine the credit risks and how likely borrowers will pay the loan amount.
They assess several factors to calculate the credit score, including the amount of debt a borrower already has and their payment history. In simple terms, it tells where you stand, opening the right doors for you and providing access to the best loans and credit cards.