Your credit score is your track record of financial responsibility. Maintaining excellent credit comes with several perks, including a few that may surprise you!
Easier to Buy a Home
You’re more likely to get approved for a mortgage when your credit is strong. This increases your purchasing power in a competitive market.
Lower Interest Rates on Loans
A good or excellent credit score earns you a lower interest rate on most loans and gives you the power to negotiate other elements like a better repayment plan or higher principle.
Discounts on Car Insurance
Insurance companies won’t turn you away for bad credit, but they may raise your rates. Maintaining good credit could help lower your monthly premium.
Get a Better Phone Plan
Excellent credit can play a role in whether your wireless carrier grants you a contract with potential discounts or a costly month-to-month plan that often requires a security deposit.
Secure the Best Credit Cards
If your credit is in a good place, you could qualify for credit cards with more incentives and benefits. You may also land a higher credit limit if you’ve been proven to pay your bills on time.