Why is a good credit score so important?
A. A good credit score creates opportunities for access to credit as well as helping you access credit more rapidly and with better terms. A good credit score also gives you access to a larger amount of credit, assuming you can prudently manage that credit and you have the capacity for repayment of the credit. Q. Should I close old accounts to raise my score? A. Generally, this does not work. This action may lower a credit score. Late payments on old accounts will not disappear from an old account by closing the account. Long established accounts show a longer history of managing credit which is good for a credit score. Having available credit does not necessarily lower a credit score either. Q. What other criteria does a lender consider in addition to my credit score? A. Lenders consider other than just your credit score when deciding whether or not to extend credit. They consider the amount of debt you can handle given your income, your employment history, your credit history, as wel
