Wondering how (or if) this so-called credit score affects your daily life? Unfortunately, credit score is a very important factor that affects every aspect of your life and every change you can make. The benefits of a good credit score go beyond just debtcredit restoration services birmingham. Read on to find out exactly what happens when your credit score goes down. Credit scores affect your ability to qualify for a mortgage, and therefore a home. You have different types of credit that can be checked, but lenders often use the old FICO score. This number is usually the same, but even if you qualify for a loan, you will still get a better deal on the interest rate by having a higher score.