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Parties Interested in Knowing Your Credit Score You know what your credit score is and what factors can make an impact on it, but who might actually check your credit score and what for? Obviously, credit card companies and mortgage lenders are the first candidates. Apart from these businesses, there are other parties that might also be interested in checking your credit score, and some of them might come as a surprise for you. Whenever you make a credit application your credit score will be checked by the company to determine whether or not they should extend credit to you. There is a minimum credit score for which you will be considered for credit.

Also, your existing creditors might periodically check your credit score to adjust your interest rate and credit limit. If you notice a sudden change in your interest rate or credit limit, it can usually be attributed to a change in your credit score. Of course, you can always call your creditor to find out why the change occurred. Whenever you apply for a loan or a mortgage, be it an auto loan, a home loan or anything else, your credit score will be checked. This is because the lenders determine your eligibility and interest rates based on your credit score. Here, you will definitely want to have a good credit history. Lenders of private and some federal student loans will use your credit score as a determining factor for granting you the loan. Should you choose to consolidate your private student loans after graduating college, your credit score will again be used to decide your eligibility for the consolidation loan. While all these companies that check your credit score have obvious reasons for that and are expected to check this kind of information, there are also some other parties that are less obvious. When you establish a first-time service with a utility company, your credit score can be used to decide whether or not you have to pay a security deposit. This includes utility companies such as power, water, and even cable. The company needs to secure its financial state by eliminating the risk of nonpayment. Cellular phone companies use the credit score for a similar reason. Even some apartment complexes use your credit score to make sure you won’t skip out on the rent. A weak credit score is likely to result in paying higher deposits and in some cases might even be the reason for a denial.