Why is it better to have a high credit score than a low one?

Question: Why is it better to have a high credit score than a low one?

A high credit score is beneficial for several reasons. It reflects a person's financial reliability and creditworthiness, which can lead to lower interest rates on loans and credit cards, increasing the affordability of borrowing. Lenders are more likely to offer competitive lending terms to individuals with high credit scores, which can result in significant savings over time. Additionally, a high credit score can improve the likelihood of loan approval and access to a wider range of credit products. It can also influence non-lending decisions, such as rental agreements and employment opportunities in certain industries. Maintaining a high credit score is a key aspect of financial health, as it demonstrates responsible credit management and can provide financial advantages in various aspects of life. 

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