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Today’s economy runs on credit. If you want to get a mortgage for a house or a student loan to pay for college—or if you just want to charge your lunch on a credit card—you’re going to need a lender to extend you a line of credit.
You’ll also need to be worthy of that line of credit. Your creditworthiness is defined by your three-digit credit score and is the key to your financial life. Good credit can be the make-or-break detail that determines whether you’ll get a mortgage, car loan or student loan. On the other hand, bad credit will make it more difficult for you to get a credit card with a low interest rate and make it more expensive to borrow money for any purpose.
Even if you’re not in the market for a loan, good credit can have a major impact. Landlords, insurers and employers frequently use credit information as a litmus test to see if the people they are dealing with are reliable and responsible. Bad credit can suggest you’re a risky bet, and while your credit technically only shows the details of how you deal with debt, some will extrapolate the characteristics from your financial life to other situations. Good credit can signify that your financial situation—and the rest of your life—is on the right track. This means your credit score can affect your insurance rates, what apartment you’ll be approved for, and perhaps even whether you get that new job.