Money may not be able to buy you happiness... But Good Credit can get you a step closer.

Your credit helps to determine more than you might think. Gone are the days when a credit score might determine whether or not you can get another credit card or at what interest rate you might be able to finance a car. Today, your credit score can determine your ability to buy a house, buy or lease a car, or even open a bank account.

In fact, having a low credit score today could keep you from landing your dream job. Thanks to credit.com, we are able to tell you more about how your credit score can help or hurt you.

Borrowing and Financing

The next time you need to make a major purchase, such as a house or a car, you'll likely hear the words "credit check" or even "with approved credit". Major purchases are one of the most common uses for credit reports. The better your credit report, the better your financing and interest rates will be. In fact, if your credit reports are good enough, you may even be able to transfer your higher interest rate credit cards and accounts over to a lower interest rate card which can save you hundreds or thousands of dollars in interest payments over the year.

Utilities

Certain utilities and some phone accounts often require a credit check to determine whether or not you'll need to pay a security deposit and how large of a security deposit you may have to pay. Having a low credit score could cost you hundreds of dollars in security deposits over a few months as you try to open new cable, satellite television, water, gas, electric, telephone, and mobile phone accounts.

Bank Accounts

If you're planning on opening a new savings or checking account at a bank, you may want to review your credit reports first. More than ever before, banks and financial institutions are using credit checks to help them determine risks and identify people who could potentially cost them money in losses due to non-payment of their membership fees and bounced check fees. If you have a low credit score, you may be denied the ability to open a bank account at certain banks; or you may be required to pay high monthly membership and maintenance fees, purchase additional overdraft protection, or may be denied some of the more mobile and convenient access portals to your money such as a debit card.

Insurance

Whether you're looking for health insurance, life insurance, or auto insurance, your credit score could very well help the insurance company determine how much money you'll pay every month in premiums for their protection. Why? Insurance companies have found that statistically, people with higher credit scores are less likely to file claims and are, therefore, less likely to cost them much money.

Apartment and Rental Properties

Even if you're not looking to buy your own home just yet, your credit score may still keep you from living in that great apartment you saw on the other side of town. Landlords now - more than ever - are checking credit reports as a required part of the application process. If you have a low credit score, you may be required to pay a higher security deposit or even be denied your application to live there.

Jobs and Employment

Recent reports suggest that most companies lose money to employee theft more than to any other source - including consumer fraud and dishonest customers. With this in mind, it's no wonder that companies are turning to new tools to help them identify potential thieves and problems before hiring the wrong person. However, this also means that more and more companies are beginning to use credit checks to help them determine the level of risk that their applicants may pose to their revenue. If your credit score is too low, you may find yourself at the receiving end of a rejection letter.