When applying for loans, credit cards, or renting an apartment, a vital aspect that is considered is the credit score. A high credit score plays a significant role as it can lead to more favorable loan and credit card terms, higher credit limits, and better interest rates. A high credit score increases the likelihood of being approved for credit, as it shows that the borrower has a history of timely repayment of debts, making them a lower-risk borrower in the eyes of lending institutions.