Can anybody, in plain English, please explain to me what credit score actually does (US-based)?

Per my Chase credit journey I’m well above “good”, but what does this actually get me?

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When you buy things you can’t afford upfront (such as a house, a car, etc) you use a loan from the bank to help you buy it i.e. a mortgage for a house. Depending on your credit score, the bank decides the rates at which they will lend you a mortgage. The higher the credit, the more they will give you because your credit score shows how well or not well you pay your bills on time. With a good/great credit score, you usually don’t get denied from what you want. Under a certain credit score, some people may not loan to you. Additionally with things like apartments, when you want to rent, your credit score needs to be above a certain number depending on the apartment. If it’s below that number, you can still rent, but will need a “guarantor” or a co-signer with a better credit score / income just so that the apartment trusts you more. Great credit means you can get whoever you want to lend to you basically when you need it, and anything below 700 you may struggle finding people to lend to you when you need it. Hope this helps

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Yes

Means you pay your bills

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Credit score is basically how willing lenders are to extend you a line of credit (loans). Higher score means you’re more likely to be approved for loans/credit cards and is a reflection of the banks confidence for you to pay it back over time

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