In today's society, credit matters more than ever. Unless you have cash in full, your ability to purchase a home, automobile, motorcycle or boat relies on your credit score and payback history. Not many people know, but even your ability to rent an apartment, how much you pay for auto insurance, and even whether or not you qualify for a job depend heavily on your credit!

Credit scores give lenders a fast, objective measurement of your credit risk. Before the use of scoring, the credit granting process could be slow, inconsistent and unfairly biased. In today's marketplace, lenders can use your score to rapidly approve or decline loans because they have the ability to more accurately determine who will perform well when re-paying a loan.

The higher your score, the better! Your credit scores affect whether you can get credit and what you will pay for credit cards, auto loans, mortgages and other kinds of credit. Again, the higher your score, the lower your rates are and the better your term is, thus equaling lower payments in comparison with one who has a low credit score.