BENGALURU: Money is important in everyone’s life. With the lesson learned from the recession it’s high time to realize how important your cash is for your financial well being. Probably you must be aware of the importance of the Credit Score to face dodge potential threats in future.

With your credit score the lender determines how likely you can pay back your loan or your credit card dues based on your past repayment behavior. In short a credit score statistically represents the creditworthiness of a person by analyzing his credit files.

The highest you score, the more is the chance of getting your loan application approved. It plays a very significant role from your mortgage rates to your insurance rates.

There are no quick fixes or shortcuts for raising your score besides giving importance to the factors to improve your score and financial outlook. Check out the five factors to determine the credit score revealed by Business Insider:

Credit History: The history of the track record you have ,while making payments and managing credit over time is your credit history. The length of credit history should be approximately 15 percent.

 Your credit report comprises of your credit history which involves information and data provided by the lender who have extended credit to you. Along with this credit report the lenders would also incorporate a credit score.

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