Your credit score can help lenders understand how likely you are to pay your bills. It’s used anytime you’re seeking a mortgage, car loan, or credit card and, for determining credit limit, which is the maximum amount of money you can borrow. Your credit score can even determine the premium you’ll pay for car insurance. A higher credit score gives you a lower interest rate when you’re borrowing money.
What You Need to Know
The credit scores provided in this product are based on the VantageScore® 3.0 model. Lenders use a variety of credit scores and are likely to use a credit score different from VantageScore® 3.0 to assess your creditworthiness.Â