What is your credit score? Does it even matter? Yes, it does matter and for more than you might think.

Credit scores range from 300 to 850 and can determine a lot of things in your life. Just what all does your credit score impact? Let’s take a look at that.

Qualifying for a mortgage - If you are 620 or above, you can get qualified for a regular mortgage. Under 620 and you may still qualify, but will pay a lot more interest. A score of 720 or above will get you the best interest rates.

Renting an apartment/home - The leasing agent will run a credit report before they will rent to you. They will also look into your past rental history. Be sure you know your credit score is decent before you try to rent a new place. It’s pretty expensive to evict a tenant, so the agent will want to make sure you are a good risk beforehand.

Turning utilities on in your name – Guess what? If you don’t pay your other bills such as credit cards and car payments on time, the utility company is going to figure they are going to have a hard time getting their money. A low credit score is going to mean a nice fat deposit before you get any electricity.

Cell phone service – I know, it seems like all the 9 yr olds in your neighborhood have a cell phone in their pocket, right? Guess it’s a good thing their parents have good credit. A low credit score here means a huge deposit, a co-signer, or horror of horrors, one of those inconvenient pre-paid cell plans.

Insurance rates – I don’t quite understand this one, but the insurance companies pull your credit report and if you have a low score, they charge you a ton more money. Sometimes as much as 150% more than someone with good credit. Unreal!

Business loans – When you start a business, you will often need a small business loan or line of credit to help you get started. With the economy tanking like it is, the prospect of being able to work for yourself is appealing to more and more people. Low credit scores are going to stand in your way big time.

Getting a job – The economy is tight right now and there is a lot of competition for jobs. Have you had several interviews that you thought went really great, only to get that ‘no thanks’ letter? Could just be the economy, but it also could be that your credit score stinks.

Prospective employers look at credit scores to see who would make the most reliable employee. If you don’t pay your bills on time, that equals not reliable in their eyes.

As you can see, your credit score range impacts your life in ways you might not have thought about. If you don’t know your credit score, you should probably get a free copy of your credit report and make sure it’s accurate.