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That is, this cost of borrowing is closely tied to the credit score, which determines how high or low your interest will be; different people will pay differently based on their credit score. It will depend on whether they are good candidates to repay a loan on time and whether they have the capacity to pay at all. Although most companies will have strategies in place to help them repair their score, the same cannot be said about individuals. An individual will have to fend for himself and there won’t be others who will rush in to help him and control the damage. Therefore, you need to look after your credit score yourself and make sure that it is always high. In essence, the higher your credit score is, the less interest you will pay for credit, which means that borrowing becomes favorable for you. The opposite is also true; the lower your credit score, the more interest you pay, which means the costlier it will be to borrow. This might seem unfair but that is how the system works. The credit company will not take a risk on someone that they think are not worth giving money to. To be safe, they decide to charge these people much more than they would normal people i.e. those with a good credit score.

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