Dec
28
2009
What Are The Benefits Of Having A Good Credit Score?
Posted by: Alan in Credit Score, tags: Benefits, Credit, Good, Having, Score, What
I’m a college student who got a credit card a small less than a year ago. I spend a lot (around $700 a month) and always pay back the total in full before the due date. My bank has increased my credit line three times since because of my excellent credit.
So are there any additional advantages to having a excellent credit score than easily getting approved for credit cards and getting large credit lines? Does it also project to any type of loans (i.e. it is simpler to get approved for a car loan with a lower interest rate) or something?
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December 28th, 2009 at 9:07 pm
I agree with moonman.
Not only will excellent credit get you better interest rates, it has many other perks one of which moonman mentioned about renting. It also will get you a lower rate on your vehicle insurance, better job opportunities (yes you can be denied a job opportunity for poor credit or small credit history).
Excellent scores will help with basically anything credit/money related.
December 28th, 2009 at 11:39 pm
Lower interest rate is probably the favorite, but there’s also the allure of being able to walk into someplace like a car dealership, and have them bend over backwards for you because they want your business. They always want your business when you walk in the door, but once they see stellar credit, it becomes more of a fight. In laymen’s terms, it gives you negotiating power on prices of cars and such things.
December 29th, 2009 at 3:27 am
It will always make borrowing money simpler and cheaper. Especially on home and automobile loans. Many programs for home loans are only open to those with very high credit. It also can help when renting.