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A high credit score is more than a number to impress your golfing buddies or people at your office Christmas party. While you can brag about having an 800+ credit score to show off your financial acuity, a good credit rating does have a practical purpose. Lenders use your credit score to determine how responsible you are with money and whether you will pay your bills on time. An outstanding score means you can get the lowest interest rates on credit cards, auto loans, mortgages, or business loans. It could even get you better rates on your car insurance.

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You don’t have just one credit score but multiple types. First of all, you’ll usually have a different score at all of the three different consumer credit reporting companies: Experian , Equifax®, and TransUnion®. Then there is also your FICO® score and Vantage® score (the former being used more), along with the varying scoring models used by the different lenders and financial institutions.

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But why is a good credit score important? From taking out loans to even qualifying for an apartment rental or certain employment opportunities, your credit score is used to show the financial risk you pose.

Having a good credit score is important because it represents your trustworthiness and reliability when it comes to financial matters. Having a bad score will cause companies to view you as someone who’ll be unable to pay your bills on time, or potentially not at all.

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A variety of factors are taken into consideration when calculating your credit score. The most popular criteria as utilized by FICO are:

A. Payment history: This makes up 35% of your credit score and is the most important factor influencing your score.

B. The amount owed: This makes up about 30% of your credit score.

C. Length of credit history: The longer this is, the better. It makes up about 15% of your credit score.

D. New credit history: The recent activity on your credit history, such as new accounts and inquiries account for approximately 10% of your credit score.

E. Types of Credit: The variety of the credit accounts you have make up the remaining 10% of your credit score.

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