You just thought you were doing what you were supposed to; paying your bills on time, keeping your spending under wraps, building wealth; and all of the sudden you realize, you now have a high credit score! Congratulations! In a capitalist economy the benefits of a high credit score can’t be overstated.
Here are 5 advantages to having a high credit score
Mortgage: You may have spent so long living in that starter apartment that you’ve grown attached. Well, that’s fine. But one day you may want to move out into a home of your own. With a stellar credit score you will be able to get very attractive mortgage rates so that you can keep more of what you earn and pay less to borrow more.
Financing: Maybe you already live in a home. Or maybe you’re fine in the apartment. Maybe also though you need a new car. Having a high credit score will get you great deals on auto financing as well. There is no reason anyone with an enviable credit score should be forced into a corner when it comes to auto financing.
Deals: If you have had a high credit score for some time you probably have already noticed the deals flooding into your mailbox. If you have a high credit score and have a “rewards” credit card it pays to know that you can use that “rewards” card to pay down all your monthly bills (cable, internet, electricity, etc.) pay off your credit balance in full every month and build up those rewards so that you can get lots of free stuff.
Power: Another thing individual with a high credit score are able to do quite well is negotiate. If you ever have to take out a loan from a bank, with a high credit score you should be able to wiggle your way down to a lower interest rate or better repayment terms. If you are trying to get something from your credit card, having a high credit score can only help your case.
Credit: A final thing you will get with a high credit score is a lot more available credit. Your credit line should soar and your interest rate should plummet. If your credit provider knows that they can depend on you to get repaid the credit will come rolling in.
These are just a few of the benefits of having a high credit score.
Photo courtesy of blog.equifax.com