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It could help you get a job
Now, not all employers check your credit, and those that do see only your credit report, not your score. However, a low score can be an important indicator that you may be in trouble. "Your credit score reflects the quality of your credit report," says Papadimitriou. "A low credit score doesn't necessarily mean that something is wrong, but it does mean that you should check your credit report before applying for a job."

Papadimitriou also points out that younger job-seekers may have lower credit scores due to a lack of experience using credit, not because of irresponsible use. However, if two qualified individuals apply for a job -- one with a long, stellar credit history, and another who got their first credit card two months ago -- it could make a difference in the hiring decision.

You'll understand how scores move
Credit scores change often, and it's important to know your score on an ongoing basis, not just a snapshot. As Papadimitriou says, "actively monitoring your credit can help you understand how scores move."

This is particularly important because many people don't understand just how much of an impact certain events can have on your credit score. As a personal example, when my wife and I bought our house, we financed nearly $8,000 worth of furniture with a "60 months no interest" deal from a local furniture store. For scoring purposes, this looks like a maxed-out credit card, and immediately dropped my score by more than 50 points -- much more than I had expected.

Keep in mind that an impact like this is temporary. As you establish a good payment history with the account and the balance begins to drop, those points will come back. However, the knowledge of how something like this can affect your score can be valuable. If I had needed to apply for a car loan, I could have run into serious trouble after that 50-point drop, so being able to anticipate things like this can help you time your transactions better.

Your score affects your car insurance premium -- more than you think
It's common knowledge that a better score can get you a lower interest rate on a mortgage or auto loan (although many people might not realize that it could mean tens of thousands in savings). However, many people don't realize just how much their car insurance premiums depend on their credit score.

According to a WalletHub study, there is a 49% difference in the cost of car insurance premiums between a person with excellent credit and one with no credit history. And, the difference can be even bigger in certain areas. For instance, premiums fluctuate by 115% in Michigan depending on credit history. In other words, people with no credit are paying more than double what customers with excellent credit pay for the same exact insurance.

To be fair, the difference between a good credit score and an excellent score won't result in quite as big of a difference. However, if you monitor your credit, you might be surprised at how much your premiums drop as your score goes up.