What are the Benefits of Good Credit?
From a financial perspective, there are many situations where having good credit can save you thousands of dollars over the long term.
A study by Self reported, “Those with the best credit scores will be paying over five times less [in interest] than those in the Subprime category” when it comes to mortgage rates.
Best Loan Terms
Not all credit cards are created equally. You must have good or excellent credit to qualify for the best credit cards, like travel rewards cards or other elite cards.
Qualify for Better Credit Cards
When you apply to rent an apartment, it’s common for landlords to run your credit report. After all, they want to make sure you’ll pay the rent on time.
If you have a good credit score, you can often set up your utilities without making a deposit. This is nice, as you get to keep your cash in your pocket.
No Deposits Needed for a Utility Company
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