We all know about credit scores and how they can benefit you when it comes time to qualify for a loan. But what other advantages does a higher credit score give you? Here are five ways improving your credit score can improve your life…
You can refinance your mortgage: Not in love with your current mortgage? If you’ve got a good credit score, you don’t need to settle. Look into refinancing and you may be able to lower your interest rate or reduce your monthly payment.
You can feel in control of your money: Having a higher credit score probably means that you’re doing a few things right when it comes to your money. Not having tons of debt and paying your bills on time are a few signs that you’re not letting your money control you. When you’re controlling your money, life is a whole lot easier.
You won’t be in debt to your parents: Since most people don’t pay cash for a house or a car, it’s common to have some debt in life. But who would you rather be in debt to? A mortgage company, a bank, or your family and friends? If your credit score is too low to qualify for loans, you’re probably going to be stuck seeking financial assistance from those closest to you. Nobody wants to have to do that.
You’ll save money: If your credit isn’t good, you may have to pay a security deposit for things like electricity and cell phone contracts. If your credit is good, that’s money you can keep in your wallet. That puts a smile on my face just thinking about it.