When you're applying for credit

Whether it’s a credit card, a car loan, a personal loan or a mortgage - lenders will want to know your credit risk level. To understand your credit risk, most lenders will look at your credit score. Your credit score influences the credit that’s available to you, and the terms (interest rate, etc.) that lenders offer you. It’s a vital part of your credit health. Understanding credit scoring can help you manage your credit health. By knowing how your credit risk is evaluated, you can take actions that will lower your credit risk - and thus raise your score - over time. A better score means better financial options for you.