Credit scores are becoming more and more important as financial institutions more closely examine how they manage their funds. Increased government regulation in this down economy has led to higher interest rates passed onto credit users.
While 720 used to be a good enough credit score to get the best interest rates on a mortgage, now some lenders are requiring scores in the high 700s to get the best rate. Credit card interest rates are getting jacked up too with any late payments. Don’t give the credit institution any possible reason to raise your rates!