The Importance of Your Credit Score – Marin Independent Journal

Have you ever been turned down for a credit card or offered a higher interest rate than advertised? If so, the reason is probably your credit score. A credit score is a number used by lenders to determine your chances of repaying your loan or renewing your loan. It may also affect the interest rate you pay and the amount you can borrow. You may have multiple credit scores depending on the company that generated the score based on the information in your credit reports.

Each company calculates credit scores using its own unique version of the score to determine your score. Credit scores typically range from 300 to 850, the higher the better.

Examples of ways to improve your credit score include paying debts on time, not exceeding your credit limit, having a long history of repaying creditors, and not opening too many lines of credit. As a general rule, don’t borrow more than you can repay.

For more information, visit marincountyda.org or call 415-473-6495.