Your credit score is a three-digit number determined by a complicated formula developed by Fair Isaac Corp. The three major credit reporting agencies, TransUnion, Equifax and Experian, use their own criteria for determining your FICO score, so it's important to check your score with each agency. FICO scores range from 300 on the low end to a maximum of 850.
Identification
Your credit score is determined by a variety of factors, including whether you make timely payments, the amount of credit used in relation to the amount of total available credit, the length of your credit history, and the types of credit you use, such as credit cards and installment loans. Each lender has its own guidelines for interpreting your credit score, but in general, a FICO score of 700 is considered as good, while 750 or higher is excellent as of 2011.
Lower Interest Rates
A good credit score normally gets you lower interest rates when you borrow money or open a credit account. In general, the higher the score, the lower the rate for which you qualify. In long-term debt obligations such as home mortgage loans, even one percentage point off an interest rate can make a significant difference in interest payments over the life of the loan. If you use credit cards frequently and carry a balance, a lower interest rate can also result in substantial savings.
Lower Insurance Premiums
Many car insurance companies use credit as a rating factor when determining your premium, as car insurers cite studies showing a correlation between bad credit and a greater tendency to file a claim. Even if your driving record is spotless and you're not in a typical high-risk category -- such as a being an inexperienced driver or living in an area with a high vehicle theft rate -- you can still expect to pay a higher premium if your credit score is low.
Improved Job Prospects
Having good credit may improve your job prospects. In addition to checking your background and references, some employers will also order your credit report. Employers may view a favorable credit score and history as a sign that you're able to manage your affairs responsibly, which they may perceive as a positive indicator of your job performance. If the job involves handling money, a good credit score may also indicate a lower risk of financial mismanagement in the eyes of a potential employer.
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