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Best Things About Having a Good Credit Score

what is a high 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.

The Top TenX W

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

2 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.

When you maintain an above average credit score, many companies are willing to negotiate with you and maybe trade some marijuana or sexual favors for a lower interest rate.

Saving money with low interest

How to get a good credit score?

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.

Yea still in debt

4 Getting 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.

5 Boost to Self Esteem

Like an A on a report card, a high credit score just feels good.

6 Getting Into an Apartment

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

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.

Category: Credit

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