Credit is Powerful
This world is driven by credit. When you have good credit, it will allow you to purchase the home you want and you’ll have higher credit limits for use in case of an emergency.
Here are some other ways an excellent credit score can benefit you:
Renting an Apartment
Your credit history is reviewed by any potential landlord. When you have poor credit then you’ll pay higher deposits and higher rent, if they will rent to you at all. If you have established good credit then deposits are lower and the best landlords will accept you as a tenant.
Buying a Home
The days of being able to purchase a home without showing your credit score are gone. You need an excellent, established credit history in order to qualify for a mortgage to purchase a home.
Qualify for a Personal Loan
There are times you will need extra cash for a large purchase or for an emergency. You will need a good credit score in order to get a loan from a bank or credit union.
Business Start-Up Loan
When you want to start a new business, you’ll need financing to get it going. Good credit is necessary to qualify for an SBA Loan or for venture capital.
New Utility Accounts
When you make that call to turn on the power in your new home for the first time, they will ask you for your social security number in order to check your credit history. If your credit is not established then you will have to pay a larger deposit.
Getting a New Credit Card
Getting a new credit card with a low interest rate and no annual fee is only possible if you have good, established credit. Without good credit you might only be able to qualify for high interest rate credit cards or none at all.
Learn More About Building Your Credit
Subscribe now to learn more about how you can take advantage of the benefits of good credit by establishing, building and protecting your credit score.