Question

Having a good credit score is important because: A It can impact your ability to get a driver’s license B It can impact your ability to be approved for bank loans C It can impact how much you will have to pay the government in taxes D It can impact how much you will have to pay for college how can help me ?

Answer 1

B. Banks want to know if it's risky or not to loan you money

Answer 2

The correct answer is:

B) It can impact your ability to be approved for bank loans.

Explanation:

A credit score is a measure of how likely a lender feels you are to repay your debts. The longer you have credit and pay your bills on time, the better your credit score gets, as it shows lenders you are fiscally responsible.

The better your credit score, the more likely you are to be approved for loans, and for loans with better interest rates than someone with a poor credit score.

Credit scores do not affect taxes, college tuition or drivers' licenses.