Is it always annoying to you when you go to apply for a phone or a loan and you are bothered to allow them to check your credit score? Do you get a knot in the pit of your stomach at the thought of your credit history deciding your future? Well there is no need to freak out. Taking care of your bills and putting forth the effort in building that great credit score does pay off in the end. If you are having a hard time understanding what all the fuss is about, we have put a list together of things that you benefit from by having a good credit.
Credit Cards. The better your credit score, the more you benefit with your credit cards. More elite cards, lower fees, higher limits, and lower interest rates are just a few of the reasons to make sure your credit is good. Even if your credit was not that great when you first got your card, you can use your new, improved score as a bargaining tool. The companies want to keep your business, so call and see if they can lower your rates or extend your limit. It never hurts to ask.
Loans. There are many types of loans available but for the sake of this article we will focus on home, personal, and car loans. Your credit is a major factor in a bank or financial institution lending you money. When looking at your car, the better your score the lower the rate and the more you can be given. Also with a home loan you will see lenders competing to get your business. The better the score, the more likely you are to get a lone, and then you can choose between the competitors to find the best rates for you. If you have a financial emergency or want to start a business, you are more likely to get a loan if you have great credit.
Renting. If you are renting in an apartment or a property, you need credit. You can find a place with any credit, however the nicer the place the better your score needs to be. So if you do not feel like sacrificing that garden tub and granite counter tops, make sure your credit score is in shape and you will show the renters that you are going to make a great tenant.
It can be a hassle to build good credit, but to get the things that you want it is essential to put in the time and effort to make sure that it happens.