How is a Good Credit Score Like Winning a Lotto?
The prize for demonstrating financial responsibility could be worth many thousands of dollars year after year. It’s like winning a lotto if you improve from a poor to a practically perfect credit score! It can seem impossible to get ahead, but you don’t have to be lucky to catch some financial breaks. You just have to be smart enough to make needed sacrifices for a while. The following are a few of the benefits of having a good credit score.
Low Interest Rates!
The low interest rate you can enjoy on car loans, home loans, and credit cards can save so much money, it’s insane. The way to be rewarded with a low interest rate is by having a good credit score. In general, the higher your credit score, the lower your interest rates. Unfortunately, it’s also true that the worse your financial history looks, the higher your interest rates. You can afford more of what you love by doing what it takes to move the needle to the right on the credit score wheel and then keeping it there.
Lower Auto Insurance!
The benefits of good credit don’t just count when purchasing things such as cars, boats, and houses. You can also get a better price on your automobile insurance. Insurers are penalized for having a poor credit score and rewarded for a terrific credit history. Every month you will have more for yourself since your auto insurance costs less.
No Phone Deposits!
Cell phone companies have different policies about helping customers finance new cell phones. Oftentimes, you can buy a cell phone with no security deposit required, if your credit history is stellar. You can also sometimes pay a discounted price on your latest state-of-the-art cell phone.
No Utility Deposits!
One of the expenses of moving is paying deposits on various utilities. This added cost can be avoided if your credit score is great. Moving costs are already very high. Having a deposit fee waived due to an impressive credit rating can make a move easier and reduce your stress level.
Choice of Rental Homes!
When you want to move into a lovely apartment or rental home, landlords want to see solid proof of financial stability. For them, the highest cost involved with leasing is starting over to find a new tenant. It improves the bottom line when a renter is dependable (financially stable), staying for the full extent of the lease, and signing on for another year or more. With an outstanding credit score, you won’t be passed over for a more desirable tenant. You can rent the available apartment or home you really want.
Approved for Higher Limits
Perhaps your dream is to bring the entire family for a European vacation someday. If you maintain a good crediting rating over the course of years, you may be able to secure a low-interest loan large enough to enjoy the unforgettable travel experience of your dreams. Whatever your fondest desire is, a good score on your credit can help to finance it in the not-too-distant future.
How is Your Credit Score?
Asking someone their credit score is about as polite as asking a woman her age. You may not even want to think about the status of your credit history. No worries! Countless people have turned things around and improved their credit ratings from bad to good, excellent, or perfect. You can do it, too! The resources are out there. It all starts with a desire and the motivation to back it up. It’s no exaggeration at all that fixing your credit score is like winning a lotto!