Why is your credit score important? Select all that apply.

Question

(1 point)
• Banks use it to determine whether you qualify for a loan.
• It can affect your interest rate.
• It eliminates interest and fees from your loans.
• It insures your money in case your bank fails.

Answer 1

The correct options regarding why your credit score is important are:

• Banks use it to determine whether you qualify for a loan.
• It can affect your interest rate.

The other options, "It eliminates interest and fees from your loans" and "It insures your money in case your bank fails," are not accurate in relation to the importance of your credit score.