credit score impact

A credit score is a number that reflects how reliably you manage borrowed money. A higher score indicates that you're seen as low risk to lenders, making it easier and potentially cheaper for you to borrow money, get better loan terms, and secure favorable interest rates. Conversely, a lower score suggests higher risk, which can lead to loan denials or higher interest costs. Your credit score is influenced by factors like your payment history, amounts owed, length of credit history, new credit, and types of credit used. Maintaining good financial habits helps keep or improve your credit score, improving your borrowing options.