A healthier credit score means you can dream better
Want to know more? Check out five ways a healthy credit score equals a healthier you.
A healthy credit score shows your financial health and improves your all-around economic life. Stress is a major cause of health issues, and having a good Fico score eliminates stress. According to Josh Alpert, an investment advisor at Motor-City Retirement Advising “A good credit score provides you with peace of mind, knowing you are armed with a potent tool you can wield at some future point when your life requires it”. It makes life easier for you by improving your access to everything you need to live comfortably.
Ease of Getting a Home Lease
Having a home is essential in life, and a great Fico score eases the hassle of getting approval for your dream home. Property owners routinely check credit score when deciding a lease approval. They want to make sure that you can pay your “full rent” on time every month. Having a good Fico score improves your chances of approval. A poor credit-history, on the other hand, especially one caused by previous evictions or outstanding rent, may reduce your chances of getting an apartment. Your application may be rejected, or you may be required to make higher deposits.
More Negotiating Power
Whether you are seeking for a loan or a new credit card, having a good credit score puts you at an advantage to negotiate better rates and terms. You can also negotiate for flexible payment plans for your loans. Lenders see high credit scores as an indication that you will pay up your loan on time. The higher your credit score – the more advantage you have to negotiate.
Since the lender knows you can easily go to other companies, they will most likely accede to your terms. This is however not the case with a low credit score. You will be most likely stuck with a few options and lenders will hardly budge on loan term.
Get your Dream Job
Aside from other educational requirements, it’s not uncommon for employers to access an applicant’s credit history during the recruitment process; although they would have to get your permission first. This is more common if the job involves handling money or working with sensitive financial information. A credit report characterized by late and missing payments may show you as been unreliable. A healthy credit score, on the other hand, shows that you are financially responsible and can increase your chances of been hired.
Cheaper Utility Services
Everyone needs water and electricity running in your home. Having a good Fico score means you won’t have to pay a security deposit to access these services. These deposits may be up to $200 and can be a huge inconvenience. Having a clean credit report shows the utility company that you will be a reliable customer.
Quick loan and credit approval at the low-interest rate
Have you ever wondered if anyone gets the advertised 0-3 percent rates? Those amazing rates are reserved for persons with equally fantastic credit score. When seeking a loan or credit approval, the interest rate you get depends mostly on your credit score. Having a good credit score would not only increase your chances of approval but also qualify you for the best rates. A bad score puts you at a disadvantage, as lenders would see you as a risk, so they charge you a higher rate.
Conclusively, its important not to underestimate the advantages of a strong Fico score as it shows anyone interested that you are healthy financially. It also gives you rest of mind and access to various facilities.