What is my credit score — and why does it matter?

Your credit score is a number lenders and credit card issuers use to help them decide whether to approve your credit application. The higher your score, the better your chances.

With a low score, you may still be able to get credit, but it may come with higher interest rates or require a co-signer or security deposit. You also may have to pay more for car insurance or put down deposits on utilities. Landlords might use your score to decide whether they want you as a tenant.

But as you add points to your score, you'll gain access to more credit products — and pay less to use them. Borrowers with scores above 750 or so (on a typical 300-850 scale) have many options, including the potential to qualify for 0% financing on cars and credit cards with 0% introductory interest rates.