If you haven’t noticed already, your credit score is important when applying for any loan. Your credit score will be used by lenders to identify your ability to repay a loan. Their goal is to reduce the amount of risk they may encounter and prevent lending to consumers who have a history of not paying their loan payments.
How credit scores works
Credit scores range from 300-850 and consider your personal financial history including payment history, credit mix, amounts owed, length of credit history, and new credit. Here is a nice graphic from myfico.com that shows a nice breakdown.