A good credit score* is a priceless financial tool. A score of 750 or higher can help you qualify for the best deals on a wide variety of products and services. Healthy credit could even help you land your dream job! Let’s take a closer look:
A good credit score will let you negotiate the best deals on credit and loan products. Use your good credit to shop for a credit card with a low APR, no annual fee, and an outstanding rewards program. You might be able to save thousands of dollars by transferring a debt balance to a credit card with better terms. When it comes to mortgages and auto loans, good credit can also help you shop around for the best rates.
Your credit can be a major factor in setting your insurance premiums. Your credit score can be used as part of an application for auto insurance, homeowners insurance, and even life insurance. Insurance companies view applicants with good credit as being less risky and less likely to file a claim. If you know you have good credit, be sure to shop around for the best deals on insurance premiums.
Applications for utility and phone accounts can also involve a credit check. Review your credit scores before your next application for a power, gas, water, cable, telephone or cell phone account. A good credit score will help you avoid expensive security deposits on these types of accounts.
Banks often check your credit when you apply for a new checking or savings account. If your credit is damaged, you might be turned down for the bank account, be required to purchase overdraft protection or charged a monthly maintenance fee. Some of the higher interest online savings accounts require customers to have excellent credit.
Good credit can help you get a great apartment. Landlords will check your credit report as part of the application process. If you have a spotless credit history, a landlord may be more inclined to pick you to be the new tenant and may even offer you a reduced security deposit.
Employers will often check your credit as part of the job application review. Having good credit will help you look responsible and avoid any embarrassing HR discussions about financial issues. If you are looking for a job, especially within a financial, data, or government industry, be sure your credit is squeaky clean.
With good credit required for so many different types of applications and accounts, it makes sense to keep a close eye on your credit reports and credit scores. Be sure to always use your credit accounts responsibly and check your credit regularly.
- See how you credit could be affected by identity theft.
- Get the help you need to keep your credit protected.