They say that age ain’t nothing but a number. Credit scores, on the other hand, are extremely important numbers that affect many potential endeavors in the adult world. There are lots of reasons to work towards a good credit score. May this list be the inspiration you need to improve yours.
Better Loan Approvals
Lenders like banks, credit unions, and even dealerships like Chip Wynn Motors use your credit score to determine how likely you are to pay back debt. Thus, the better credit score you have the better loan options you’ll get.
Better Chance of Getting an Apartment
Lenders aren’t the only ones interested in your history with debt. Landlords will also want to know your score. A good credit score means there’s a good chance you’ll pay rent on time.
Less Expensive Car Insurance
Car insurance companies see a bad credit score and make the assumption that a person will file lots of claims. Having a low score doesn’t mean you won’t be able to get insurance, but it might mean you’ll be paying a much higher premium.
Avoid Paying Deposit on Utilities
If a utility company sees that you have bad credit or no credit, they may ask for a deposit before turning on the utilities in your name. A good credit score will show them that you can pay your bills each month. Often times this is enough assurance for them to waive the deposit fee.