Why do you need a good credit score?
It's a loan-ly life.
You need good credit to live comfortably.
Society is becoming increasingly dependent on credit for purchases and financial decisions.
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Credit history isn't just for creditors.
Nowadays, credit scores can create both opportunities and constraints. Here are a few instances where having a good credit score comes in handy:
Loans require good credit.
While it would be extremely wonderful if we could make it through life without ever taking out a loan, the sad reality is that this is not possible for most people. Whether it's for school, a car, or a house, at some point, most people need to take out a loan. Your credit rating influences whether you qualify for a loan, how much you receive, and the interest rate of the loan.
Credit effects where you live.
When buying a house, mortgage lenders check your credit because they want to know that you won't default on your loan.
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Landlords check credit scores when deciding if you'd make a reliable tenant.
Employers may pull your credit.
Many employers have added credit checks to their hiring process. They're looking to see whether you are financially responsible.
Living expenses require good credit.
Most utility services conduct credit checks before they provide their service. This includes electricity, water, telephone, cable, and cell phone service providers.
Access to the best credit cards.
The higher your credit score, the more access you receive to the most rewarding credit cards. You get access to lower interest rates and better rewards such as travel points, cash back offers, and other incentives.
Insurance Discounts.
Having a high credit score can help you qualify for lower insurance premiums.