There are many benefits of a good credit score. And, if you are one of the growing numbers that have bad credit, benefits to repairing it as well. Unfortunately, not everyone can say they have a perfect credit score.
In fact, most people can not make that claim. It is common knowledge that poor use of credit, paying high interest to big credit companies, is a money waster for everyone.
However, there are a lot of perks for people who use credit to their advantage.
Here are 5 ways to save with good credit. In addition, why you should strive to improve your credit.
Excellent Mortgage and Refi Rates
If you are looking to purchase a home in the future. Having good credit is the key to saving on interest rates. To clarify, good and clean credit makes a mortgage broker’s heart sing. For example, they are much more likely to offer you a lower interest rate.
As a result, saving you potentially hundreds of thousands of dollars over the term of the loan. In addition. great credit also gives you bargaining power when it comes to negotiating closing costs and other fees.
In short, banks are competing for your business, good credit makes them want to compete for yours.
Good Credit will Get You Better Rental Agreements
So, if you are not ready to purchase a home yet. You must live somewhere. That is to say, you will be looking to rent a home or apartment. Consequently. most landlords run a credit check on their applicants.
Moreover, if you as an applicant, have a low credit score you could be rejected completely. However, you could be charged a much higher deposit. In other words, if you have a higher credit score you are in a better position to negotiate rental rates.
Good Credit Affords Lower Insurance Rates
Most insurance companies will look at your credit score when determining your rate for auto insurance, homeowner’s insurance, and life insurance. That is to say, the higher your credit, the less risky you appear to be.
For instance, statistically, people with high credit are better drivers, responsible homeowners, and make well thought through life decisions.
Lower Financing Rates on Your Car Purchase or Lease
Almost everyone needs or wants a car. After all, for some, it is a rite of passage. However, nobody loves an astronomical monthly car payment. Therefore, when you have good credit, you will have multiple avenues to obtain a car loan.
For example, you can bargain with your car dealer for a lower than usual financing rate. In short, good credit tells the dealer you are a responsible borrower, and if you can’t get a lower rate, you might get a better price. Good credit opens all kinds of options for you.
Top-Notch Credit Card Deals & Buyer Protection
Certainly, the best credit cards with the best rewards credit cards come knocking at your door when you have good credit. So, it pays to use these cards (as long as you pay off the balance each month) because they often offer cashback deals, free gifts, and low rates.
That is to say, these desirable cards offer the best buyer protection that shields you against fraud, identity theft, and other problems.
As you can see, it pays to have a good credit rating. Credit is something that can be used to your advantage. If you are unsure what your credit score is you can check it yourself for free.
Before you try to obtain credit for any purchase know your score beforehand, This saves you time and money. we will show you how. Contact us today to get help or concerning your credit.
Thank you for reading I hope I left something here for you. If you have any experience, questions, or comments that you would like to share please leave them below and I will respond as quickly as possible.
About the Author: Chuck Adkins is a Realtor in the Milton, Pensacola Florida area. Likewise, he is the author of Help Baby Fall Asleep, Chuck Adkins Realtor, and Grill and Accessories blogs click here to read Chuck’s other work.