What does a good credit score typically allow an individual to do?

A good credit score typically allows an individual to secure lower loan interest rates. Lenders use credit scores as a key factor in assessing the risk of lending money to borrowers. A higher credit score indicates a lower risk, reflecting a borrower's reliability in repaying debts. As a result, individuals with good credit scores are often offered loans at more favorable terms, including lower interest rates, which can lead to significant savings over time. This advantage can apply to various types of loans, such as mortgages, auto loans, and personal loans, making it easier for individuals to access credit at a more affordable cost.