Why you need a credit score

If you didn't have one, a prospective lender would have no way of procuring a measurement of how good or bad a credit risk you might be.

But because you have one, a lender can discover your credit score(s) almost immediately, which results in a faster loan processing time. In addition, you're able to get more credit because lenders will have a better idea what to expect from you based on your past history. Also, lenders stick to the facts and aren't going to be swayed by any personal feelings they might have – one way or the other.

Finally, if you've had bad credit in the past, it won't haunt you forever if you turn things around. It will take time, but eventually your past transgressions will stop showing up on your reports as the years go by.