If you or anyone you know has ever dealt with a poor credit score, you know it can take some time to recover. But what’s the point of boosting your credit score? Sure, we all know about the benefits to getting a loan, but what other advantages does a high credit score bring? Here are a few things to consider…
Rent: Sure, renting a place to live doesn’t require a loan but your chances of getting approved are a lot higher if you have a good credit score. With a low score, you’re less likely to find a landlord who’s willing to take a chance on you, even if you’re financially reliable.
Utilities: My excellent credit score helped a lot when it came time to get utilities connected at my new house. There was a fee associated with my new internet account that I didn’t have to pay because of my score. Anyone who’s ever experienced buying a home knows that any amount you can save is helpful when you’re going through the process.
Job: Some employers may conduct a credit check on applicants for a variety of reasons. Late payments, high debt, and being generally irresponsible with your finances are red flags that could make an employer not want to hire you. Keep this in mind if you’re thinking about a new job.