Credit Scores: The Mysterious Number That Has a Massive Impact on Your Financial Life

Ben Le Fort
5 min readJan 27, 2024
Photo by Sigmund on Unsplash

If you don’t take good care of your credit, then your credit won’t take good care of you.

― Tyler Gregory

This is the second post in a special three-part mini-series in the larger Dollars and Decades series. Last week, I reviewed the eight most common forms of debt that every young adult must navigate throughout their life.

Today, we talk about one of the more confusing — but important — aspects of managing debt: your credit score.

Read to the end of this post to learn how credit scores impact your financial life and how to improve yours.

The importance of a good credit score

Your credit score has a massive impact on your relationship with debt. The better your credit score, the more likely you are to get approved for a loan, and the lower your interest rate will be.

In the U.S., credit scores range from 300–850, while in Canada, they range from 300–900. Here is what is considered a good and bad credit score.

  • 300–649 is considered a “bad” credit score.
  • 650–699 is considered a “fair” credit score.
  • 700–749 is considered a “good” credit score.



Ben Le Fort

I write about behavioral finance & evidence based investing. Want to work with me? e: Here's my Substack: