Credit – It’s More Than Just a Number
Having a good credit score isn’t just necessary for financing a home; it’s also used to keep insurance premiums down and for screening applicants by some employers. The use of credit scores is the same across the board, It’s to mitigate risk, plain and simple. Banks want to know if they lend $300,000 for a home that they will get the money
back within the terms set forth in the loan. The insurance industry has also proven time and time again that individuals who pay their bills on time have less insurance claims. And now employers are using credit scores with the same premise that on time bill payers make better employees. How does your credit score stack up? Check out this chart and see which category you fall in to. If you don't know your credit score you can sign-up for free with Credit Karma. Learn more on how insurers use credit information.