An excellent credit score can be the key to your future happiness. A credit has the ability to affect many different areas of your life and having an excellent credit score will make these experiences much more pleasant. Keeping your credit score high and ensuring that there are no negative information in your credit history will create a secure financial future by allowing you to obtain additional credit at will so that you will be able to handle any unexpected expenses that may arise. Here are some ways that an excellent credit score can improve your life.
Allowing You To Obtain Credit Approval Quickly
With an excellent credit score, you have a good chance of being approved for any additional credit that you apply for. This will allow you to obtain a new credit card, a new car, or a mortgage loan with minimum effort and hassle. An excellent credit score increases your chances of being approved for a loan and will often qualify you for better terms than what would be offered if your credit score was lower.
Qualifying You For Higher Credit Limits
Many lenders will approve you for a higher credit limit if your credit score is above 700 and the length of your credit history is reasonable. A person with an excellent credit score could be approved for a credit line of $20,000 or more, while someone with a fair credit score may be capped at a credit line of $2,500. The increased purchasing power allows you to purchase the things that you want and allows you to retain enough credit for any financial emergencies that may arise.
Qualifying You For Low Interest Rates
People with excellent credit score pay less in interest charges on loans and credit cards than a person with marginal credit. An excellent credit score means that you will not be a credit risk for the company extending the credit so they feel comfortable offering you a lower interest rate to attract your business. Lower interest rates on credit cards and loans can save you hundreds of dollars in charges for interest each year.
Giving You More Employment Opportunities
Many employers now review the credit scores of applicants to determine whether they would be trustworthy additions to the company. People who pay their bills on time are viewed as being more responsible and less likely to steal from the company. Many companies automatically disqualify candidates with a credit score that is too low or that has a credit history full of negative information. To keep your employment opportunities open, keep your credit score high.