Could your credit score be the key to a better life?
Although 70 percent of consumers said having good credit is the key to unlocking the "American Dream," they are getting some basic facts wrong, according to Capital One.
More Americans increasingly are aware of the big part their credit score plays in their financial lives, from their ability to get approved for a new charge card, buy or lease a car, rent an apartment and, in particular, determine their mortgage rate. Generally, the higher the score, the better the rate for which consumers will qualify.
"Achieving better credit is core to everyone's financial health, and this study revealed that there is a strong spirit of optimism; however, there is a need for more education," said Jennifer Jackson, managing vice president at Capital One.
The financial firm polled more than 2,000 consumers between August and September last year based on their credit history, including those new to credit, those rebuilding their credit and individuals with five or more years of credit experience.