Best Things About Having a Good Credit Score

There is much more to having a high credit score than possessing a three digit number you can brag about. Your credit score equals buying power. The higher your credit score, the more you can purchase. Even when income is constant, a high credit score means you can live in a larger house and drive a nicer car than someone with a bad credit score.

A high credit score is a golden ticket in our credit driven society. Here is a list of the top 10 benefits to having good credit.
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The Top Ten

1
Low Interest Rate Home Loans
With a good credit score, you can get approved for a lower interest rate on a home that will save you a ton of money. We're talking a few hundred dollars a month which can add up to hundreds of thousands of dollars on a 30 year mortgage loan.
How to get a good credit score?

2Getting Approved for a Mortgage
Of course, in today's economy you need a pretty good credit score to get approved for a home loan in the first place. Forget about interest rates, unless you have a decent credit score or a ton of money for a down payment, you're not getting approved at all.

3Ability to Get a Line of Credit to Start a Business

4Low Interest Rate Credit Cards
The average American household carries about $10,000 in credit card debt. Making $250 a month payments on a credit card with a 10 percent interest rate, it would take 49 months to pay off the debt and the total payment would be over $12,000. With a 20 percent interest rate, it would take 67 months and the total payment would be almost $17,000. Pretty obvious how much benefit there is to having the lower interest rate you can get if you have a better credit score.

5Boost to Self Esteem
Like an A on a report card, a high credit score just feels good.

6Low Interest Rate Car Loans
Like home loans but on a smaller scale. Better credit score means a lower interest rate so you either save money each month or commit more money to principal so you can get a nicer ride.

7Getting Into an Apartment
Most landlords will check your credit. If it's not good, expect a big security deposit or to be turned away.

8Better Chance of Getting a New Job
Many employers also look at your credit score. Have a bad credit history and you may be out of luck when it comes to getting hired for that new dream job.

9No Security Deposit on Cell Phones

10Low Car Insurance Premiums
Car insurance companies look at your credit score as an indicator of risk. The lower your credit score, the more likely they think you are to wrap your car around a tree so the more they are going to charge you for insurance.

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