SmartMoney Monday: Credit scores

In this edition of SmartMoney Monday, we speak with Summerset Lovette, market manager from Bank of Hawaii, who explains why having a good credit score is so vital.

Lovette says a credit score is really important because it's the number that financial institutions and lenders use to decide if you can qualify for a loan or it can determine what interest rate you'll be charged – for example, some institutions will charge a higher interest rate if you have a lower credit score.

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