11 Mar Benefits of Having a Good Credit Score
You should know it by now, a good credit score can rule the world! It may be difficult to reach the top with above 750 points, but you can surely maintain a good one. It’s a number that can literally improve your life. It takes some time and effort from your side, but it’s totally worth it! Baby Boomers Financial gathered for you few great benefits of having a good credit score. Check them out!
Great Benefits of Having a Good Credit Score
You Are Accepted for Credit Accounts and Loans
Need a credit card or a loan? Let me see your credit score please. Oh, it looks good, here’s an approval stamp for you, have a nice day! Yes, it’s true that a good credit score will increase your chances of getting your credit and loan applications accepted much easier.
Low Interest Rates
Interest rates are strongly relevant with the condition of your credit rating. If you have a good one, then you’re qualified for low interest rates. Paying less charges, will help you pay off your debt faster. It’s great, right?
You Are Qualified for Higher Limits
This could be the slogan of a good credit score: “Keep your rates low, and your limits high!” While you’re paying less, you can also spend more. Creditors and lenders will let you borrow more money than someone with a bad credit score. Once you gain their trust, the benefits are great!
Better Insurance Rates
There’s a big list of insurance companies that have higher fees for those who have a bad credit rating. This happens because insurance companies believe that due to your bad finance, you’re more likely to file more claims than other applicants. But with your extra points, you’ll have a better treatment in terms of insurance rates.
It’s important that you understand how much good is good enough. Understanding your credit score will surely help.
You Don’t Need a Security Deposit for Mobile Contracts
Cell phone companies won’t trust you if you have a bad credit rating and they’ll force to choose a pay-as-you-go plan. But having a good credit score allows you to opt for a contract, and even get discounts on it!
Renting an Apartment Gets Easier
Home owners want to make sure that their tenant will be diligent with his rent payments. And of course, the best way to find this one out, is of course your credit score! But having a good one will put you among the list with the top applicants.
A good credit score has great long-term benefits. If you find yourself struggling to get one, consider the option of a credit repair company like Baby Boomers Financial. We are experienced and highly skilled in credit repair. Give us a call and let us lead the way towards your financial freedom!