Your credit score reflects how much debt you currently have and your performance in repaying other debts. Knowing your credit score is important for practical purposes, and here is a list of several reasons why…

1. It provides a better idea of what sort of mortgages and other credit offers you should be eligible for. People with high credit scores typically receive better interest rates. Without knowing the score, it is easier for a high-interest lender to deceive you into believing that loans that are more desirable are beyond your reach.
2. When you aren’t sure if your record has improved enough to make applying for loans worthwhile, knowing the credit score will clarify this. For example, if you made several late payments a few years ago, the score will reveal how much your eligibility has recovered since then.
3. If you are young and/or haven’t used credit much (or for very long), knowing this score is important for determining if you have conducted sufficient financial activity yet to qualify for a mortgage or other major loan. Banks are typically quite willing to offer credit cards to people with no credit history, but reluctant to allow other borrowing.
4. Knowing the score will let you discern if it is currently important to take steps aimed at improving your credit record. Such measures may include looking for and correcting important errors on the record, consolidating multiple debts, or putting a greater emphasis upon paying off your existing debt.
5. Keeping a high score isn’t as simple as some people would suggest. Factors like the number of separate debts and the amount of credit record inquiries (from lenders you have applied to) can influence these scores. It is important not to assume that the score is good, average, or poor without verifying this assertion by actually knowing what it is.

Knowing how favorably the reporting agencies have evaluated your debt management is also interesting, along with discovering how effective your financial strategy has been in this regard. Services are available that continually monitor the score, making it easier to see the impact of paying off debts, submitting late payments, or other financial changes.

The only reasons why you would forgo knowing your credit score would be because of the fee to obtain this information, or if it’s not important because you don’t plan to apply for any type of loan.