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Credit score companies receive their share of criticism, but many argue that in the long run, they are quite valuable. In the past, credit scores have helped many people gain access to credit, but now credit scores can play an important role in financial security, too.
Since the credit score takes into account the data of the consumer that a credit card company is willing to grant a credit card to, if someone has a low credit score, a lender is likely to offer lower rates, possibly on a few different cards.
Furthermore, unlike with regular credit card purchases, some types of credit card debt are better suited to handling on plastic, such as a mortgage. Once again, with the internet providing an increasing amount of information about a person’s spending patterns, credit score is becoming a key way to know how responsible a borrower is.
