Did you know that your credit score is your track record of financial responsibility? Maintaining excellent credit comes with many perks, some may even surprise you.
You're more likely to get approved for a mortgage when your credit is strong. This increases your purchasing power in a market where record low interests rates have already made homes easier to afford. A good or excellent credit score can also earn you a lower interest rate on most loans and gives you the power to negotiate other elements, like a better repayment plan or higher principal. It'll help you scure the best credit cards. You could qualify for credit cards with excellent benefits and incentive. You may also be eligible for a higher credit limit if you've been proven to pay your bills on time and keep your credit usage under 30%. Good credit could also help you lower your monthly car insurance premium or get you a better phone plan.
Strong credit matters and there are a few tips and tricks to help you build and maintain good credit. First off- it's important to be patient. If you keep you balances low and your payments made on time, it'll help your score. Make sure you do your research before applying for new loans or credit cards to avoid unneccessary hard inquiries thta may lower your credit score.
In summary, remember to keep tabs on your score. Monitor it frequently to know where you standd. If it seems like it may be lower than you thought, maybe you should consider running your credit report to check for possible errors. Here are some resources below!
Get Your Credit Score for Free
- Credit Karma
- Credit Sesame
- Credit.com
- Mint
Get a Free Credit Report: Everyone gets one free credit report per year. Access yours today at annualcreditreport.com.
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Source: Buffini & Company. Used by Permission.