When potential lenders want to know whether or not to lend you money, give you a credit card, or finance that new car, they turn to your credit report and FICO score to see what to do. Your FICO score and credit report provide a detailed history of your financial activities, allowing banks and lenders to better judge your likelihood of paying them back. If you take care of your credit and check it regularly, you will have no problem getting better interest rates and loan with favorable terms that suit your needs.