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Your credit score is not just a random number. It represents your ability to receive loans, buy cars and homes, and potentially saves you money on insurance, interest rates and various other fees. Essentially, a good credit score could pave your way to financial freedom. Conversely, a bad credit score could:
- Make it difficult to get approved for loan
- Cause loans to have higher interest rates and restriction
- Decrease your ability to rent apartments and homes
- Block you from obtaining jobs or certain security clearances
- Increase prices on cell phone plans and insurance premiums
- Bring stress into personal relationships
- Keep you in debt