Financial Wellness Minute: Credit Score - Why does it matter?

Today, we are talking about credit scores and why they matter. Credit scores are like an adult GPA that you had in school. They help lenders decide if you get a mortgage, credit card or other line of credit and at what interest rate you will be charged at the time. In today's world, not only do banks and credit unions use your credit score and credit report for loans. They can also be used by landlords, cell phone carriers, potential employers, and insurance and utility companies to determine your potential risk or if you are reliable and responsible. Credit scores range from 300 to 850. Knowing your score and understanding how your actions impact it is important. The higher your credit score the more likely you will pay less interest on loans and save money on services like insurance or cell phone. Bottom line… a credit score is used in a variety of ways that can impact you daily.   Want to know more about credit scores or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip   Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.