How Credit Affects You
The benefits of good credit are many, it is like a club, that once included you will be surprised at the possibilities that are available to you.
Credit Cards A higher credit score makes you eligible for credit cards with lower interest rates, higher credit limits, more rewards and lower fees.
Car Loans Much like credit cards, good credit rewards your car loans with lower interest rates and larger loan amounts for financing your car purchase. You can afford more car with better credit, and a lower interest rate means lower monthly payments.
Home loans Lower interest mortgages allow you to qualify for more, bringing your dream home within reach. Even in current trying credit industry times, the lenders are competing for your business. With good credit you are the ideal customer, with the lowest risk involved.
Personal Loans Fast credit availability is one of the top good credit benefits. If you need a quick loan for a business opportunity or a bridge loan to acquire financing in a cash crunch, your chances are greater with high scores to get these tougher to qualify for loans.
Insurance Rates Credit is often taken in to consideration in determining insurance rates. It is a common factor, and having good credit benefits you with decreased insurance costs on your premium.
Auto Insurnace Auto Insurance is also generally lower for people that maintain high scores. Although most people are not aware of it your current score will have a significant impact on the amount of premiums you will have to pay to get your car insured. Insurance companies do pay attention to this number and often factor it in with your driver profile information to determine the final rate you pay.