06/10/2026
🔑 Last week, we talked about what makes up your credit score and the factors that can help or hurt it. Today, let's talk about why your credit score actually matters.
Your credit score can be reviewed by:
🔹 Employers – Some employers may review credit history when evaluating job candidates.
🔹 Landlords & Utility Companies – Credit may be used when determining eligibility for housing or services, and can sometimes impact required deposits.
🔹 Insurance Companies – In many states, insurance companies may factor credit information into pricing decisions.
🔹 Lenders – Credit scores help determine whether you'll be approved for a loan and what interest rate you'll receive.
🔑 What does this mean in real life? Let's look at Borrower A and Borrower B.
Both borrowers are financing the same $40,000 vehicle for 72 months. The difference? Credit score.
Borrower A's stronger credit score qualifies them for a lower interest rate, leading to a lower monthly payment and over $8,000 in savings over the life of the loan.
That's money that can go toward an emergency fund, vacation, home improvements, retirement, or other financial goals—all thanks to a better credit score.
➡️ At Ashland Credit Union, we're committed to emboldening our members and community to build stronger financial futures.
💚 Understanding how credit works is an important step toward making informed financial decisions and keeping more of your hard-earned money where it belongs—in your pocket.
*APR-Annual Percentage Rate based on a $40,000 loan with fees of $100. Estimated payment at 4.83% for 72 months is $640.98 on $40,000 financed. Not all will qualify for the lowest rates. 10.83% is provided as a comparison to ACU’s rate. Rates are subject to change.
1 As low as rates include a 0.25% reduction when the loan amount is 80% or less of NADA retail, MSRP, or applicable value. Transportation loans also qualify for a 0.50% electronic payment discount (direct deposit, payroll deduction, or automatic withdrawal), which is reflected in the advertised rate. If electronic payments are discontinued, the rate increases by 0.50%. Discounts are not available on all loan types. Estimated payment is based on $40,000 financed (including origination fee) at the lowest stated rate over the maximum term listed. For example, the 61–72 month term uses 72 months for payment estimates. Some terms require minimum loan amounts. See website for additional payment details. Maximum loan amount for new vehicles or motorcycles is 120% of collateral value (MSRP or motorcycle purchase price if no MSRP), less dealer discounts plus rebate-eligible additions (e.g., warranties, GAP). Classic autos (over 7 model years old) are not eligible. All loans are subject to credit & collateral requirements. Rates current as of May 1, 2026. Membership required. Federally insured by NCUA.
