Your credit score is more than just a number. It can have real impacts on your finances. In this week’s video, Amerifund CEO Brad Rice explains 3 of the most common ways your credit score affects you in real life.


Credit score is one of the ways lenders decide how trustworthy you are as a borrower. But how else can your credit affect you? Here are the top three ways your credit score can affect you in real life.

1. Getting a better interest rate
When applying for any loan or even a new credit card, your credit will be run as part of the approval process. If you are approved, the interest rate offered will depend on your credit score. The higher your credit score, the lower your interest rate will be.

2. Refinancing loans
Refinancing can help you save money on your monthly payment. Because it requires getting approved for a new loan, your credit score can not only impact the rate offered, but can also affect what type of loan is available to you. The better credit your credit score, the lower the rate and more loan options are available to you.

3. Paying for insurance
In some states, insurance companies may run your credit before deciding your premiums. A history of punctual payments shows you are a better risk, this may help you qualify for lower premiums.

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