• Why Do We Have Multiple Credit Scores and Does This Matter?

    Why we have different credit scores
    May 04, 2018
    As your credit score is a major factor impacting your financial well-being, it can be vexing to hear that you have different credit scores depending on the lender or creditor you are using, and the purpose of the inquiry into your score. Not only does your credit score affect whether you may qualify for a certain loan or line of credit, but it also affects financial transactions such as renting an apartment or establishing a utility account in your name. Moreover, your credit score is used to determine the interest rate and/or terms that you’re eligible to receive on a loan. Of course, paying higher interest rates or accepting less favorable terms means having to pay extra money that could be used for other purposes.