What Are the Benefits of a Good Credit Score/Rating?
There are lots of benefits to having a good credit score today. Here are just some of those benefits:
A good credit score/rating makes it easier to purchase a home.
A good credit score/rating makes it easier to rent a home.
Saves you money on insurance premiums. (IE: Auto, Home)
You can get a lower interest rate on things such as credit cards and home loans
You have more ability to obtain a student loan.
You can purchase items for your home (IE: Large appliances, furniture, etc.)
The above benefits are just some of the many benefits of having and maintaining a good credit score.
What is a "good" credit score? That will depend on the standards of the company with which you are trying to obtain credit, however, a score of "700" is considered "good" in most companies. The housing industry standard, however, is generally "720" or higher.
The highest credit score that can be obtained is "850" and the lowest is "0". If you have a "0" then this means you have no credit at all and will need to obtain credit in order to start establishing a good "credit name" for yourself.
This article is brought to you by the PJ'S Team at Miller Housing Group.
To read more about establishing credit and much more, please visit us here.
"Maximizing Your Housing Experience"
Thank you for the informative post.
ReplyDeleteWhen you select a card to transfer your credit card debt to, you can greatly improve your credit score. Balance transfer cards are a great way to help you reduce your credit card debt and will help you devote more money to paying off the debt since you will not be paying as much in interest.