• Low Interest Rates on Credit Cards and Loans

    The interest rate is one of the costs you pay for borrowing money and, often, the interest rate you get is directly tied to your credit score. If you have a good credit score, you’ll almost always qualify for the best interest rates, and you’ll pay lower finance charges on credit card balances and loans. The less money you pay in interest, the faster you'll pay off the debt and the more money you have for other expenses. 

  • Better Chance for Credit Card and Loan Approval

    Borrowers with a poor credit history typically avoid applying for a new credit card or loan because they've been turned down previously. Having an excellent credit score doesn’t guarantee approval, because lenders still consider other factors like your income and debt. However, a good credit score increases your chances of being approved for new credit. In other words, you can apply for a loan or credit card with confidence.

  • Get Approved for Higher Limits

    Your borrowing capacity is based on your income and your credit score. One of the benefits of having a good credit score is that banks are willing to let you borrow more money because you’ve demonstrated that you pay back on time what you've borrowed. You may still get approved for some loans with a bad credit score, but the amount will be limited.

  • Easier Approval for Rental Houses and Apartments

    More landlords are using credit scores to screen tenants. A bad credit score, especially if it’s caused by a previous eviction or outstanding rental balance, can severely damage your chances of getting into an apartment. A good credit score saves you the time and hassle of finding a landlord that will approve renters with damaged credit. 

  • Better Car Insurance Rates

    Add auto insurers to the list of companies that use a bad credit score against you. Insurance companies say that people with bad credit tend to file more claims and these people are penalized with a higher insurance premium. With a good credit score, you’ll pay less for insurance than similar applicants with lower credit scores.

  • Avoid Security Deposits on Utilities

    These deposits are sometimes $100 to $200 and a huge inconvenience when you’re relocating. You may not be planning to move soon, but a natural disaster or an unforeseen circumstance could change your plans. A good credit score means you won’t have to pay a security deposit when you establish utility service in your name or to transfer service to another location.

  • Bragging Rights

    Because of all the benefits, a good credit score is something to feel good about, especially if you've had to work hard to take your credit score from bad to good. And if you've never had to experience a bad credit score, keep doing what it takes to maintain your good score.

What a Low Credit Score Costs You ?

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