If I have a lot of money in the bank then does credit score even matter? Generally confused as now I feel it’s getting crazy some of the prerequisites required to rent or finance or put money down.
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Your credit score is a way to quickly assess how you handle credit, and it is only one factor that a lender will consider when you apply for credit. It takes into account your on time payment history, credit card utilization rate, overall length of your credit history, mix of accounts and any derogatory information.
However, lenders will also take into account your income and how that will affect your ability to pay (you’re not getting a new Porsche on $30k a year, despite your 800 credit score).
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