Top 3 Reasons Why Credit Scores Matter

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Top 3 Reasons Why Credit Scores Matter

Building a good credit score takes time and patience. Many people end up asking themselves,

Is building your credit worth the effort?

The majority of people would tell you, “yes, it’s definitely worth it!”

Having a good credit score can save you tons of money over the course of your lifetime. On the other hand, having a bad credit score or lacking a credit score at all could mean that you won’t get to access certain opportunities that could save you tons of money.

Here are a few reasons why you want to make sure your credit score is good.

 

Large Purchases

Top 3 Reasons Why Credit Scores Matter

Top 3 Reasons Why Credit Scores Matter

With a good credit score, you can take advantage of loans for big-ticket items and get lower interest rates.

For example, if you want to take out a loan to help you pay for the home of your dreams, you’ll probably have to use a loan, as most homebuyers don’t have the cash to pay for these large expenses right off the bat.

Your credit score will have a major impact on whether or not you’ll get loan approval for these big-ticket items.

If you don’t have a good credit score, that dream home may not be attainable. Even if you are able to get the loan, a lousy credit score could mean tens of thousands of extra dollars in interest over the course of your loan’s life.

 

Insurance Savings

A great credit score could have a positive impact on your insurance premiums depending on the state you live in. In a recent survey from WalletHub, researchers found that people with great credit pay 67% less for car insurance.

Those costs can really add up if you’re paying higher premiums each month.

 

Credit Card Perks

When you use a credit card responsibly, it can be a very valuable tool. However, if you have a bad credit score, you can get stuck with a bad credit card that has a high APR and doesn’t have any perks.

Good credit scores can open the door to these great perks with more credit card options. For example, you may be able to find a credit card that delivers built-in savings or cashback opportunities.

 

Why Increasing Your Credit Score Is So Important

As you can see, there are plenty of reasons why you might want to increase your credit score.

Beyond the things above, good credit can help with apartment rentals or job applications.

Of course, no matter how bad your credit is, you can do things to fix it. Here at Personal Tradelines, we help all kinds of people increase their credit scores with the use of authorized user tradelines.

Tradelines have been around for many years now, though only in the past decade have consumers of all ages truly started taking advantage of them.

Reach out to us today to learn more about authorized user tradelines so you can start taking your next steps in your financial life!