A good credit score is one of the key indicators of you financial health. In simple terms, your credit score is a measure that lenders use to evaluate whether you can be trusted to repay your debts. And since lenders get compensated for taking more risk by charging higher interest rates, your credit score can have a major impact on your personal finances and the price you have to pay for credit.
While a good credit score will allow you to access a wide range of cheap credit sources, a poor credit score will make it very unlikely for you to get accepted for most credit cards and loans. It can even make it difficult to get mobile phone contracts or rent a home. You may also be forced to use expensive payday loans to deal with an unexpected expense, potentially putting your financial health at risk. On top of that, a low credit score can prevent you from getting a mortgage for your home, making it difficult to invest in your future. This is why it is so important to work on improving it as early as possible.
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