The 8 benefits of having a good credit score

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Whatcom Credit Restoration
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The 8 Benefits Of Having A Good Credit Score
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• Your credit score can have an impact on your
  financial life, from how much you pay in interest
  rates to your ability to get financing on
  big-ticket items like houses and cars. By
  establishing good credit and keeping it in good
  standing, you can enjoy numerous benefits that
  make your life easier and more affordable. These
  are the top seven reasons why you should maintain
  a good credit score at all times.
• A credit score is a number that allows lenders to
  quickly and easily determine whether or not
  youre worth lending money. It rates your ability
  to pay back loans based on your past borrowing
  history. The higher your credit score, the
  better! A high score means its likely youll pay
  back your loans in full, whereas a low score
  means theres some risk involved in extending
  your cash.

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1. Car Insurance

• When people think about saving money on car
  insurance, they usually consider shopping around
  for a new company. But, most insurers dont
  factor your credit score into their rates. If you
  want to save money on car insurance, look at your
  driving recordnot your credit score. Speeding
  tickets and DUIs will lower your rate much more
  than bad credit will raise it. To keep your
  premium down, dont speed too much! It might seem
  counterintuitive, but that speeding ticket you
  got two years ago could be costing you hundreds
  in higher premiums every year if you havent
  taken care of it already.

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2. Mortgage Rates

• While you cant control interest rates directly,
  you can keep an eye on them and adapt your
  finances to changes as necessary. If mortgage
  rates are headed higher, it might be time to
  think about refinancing or taking out a
  shorter-term loan if theyre going down, you
  might be able to save money by locking in a lower
  rate. It never hurts to ask for helpmany
  companies offer free mortgage-rate quotes that
  can help ensure you get the best deal possible.
  And remember when it comes to keeping your
  credit score high, every little bit helps!

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3. Debt Consolidation

• If you have credit card debt and are looking for
  ways to pay off your balances, you may want to
  consider consolidating your debt with a company
  like Slice Financial or Moven. These companies
  will pay off your creditors in exchange for a
  monthly fee and even give you extra cash to put
  toward other expenses. With any loan, make sure
  to do plenty of research before you sign on any
  dotted lines. Make sure that all applicable state
  and federal agencies fully license any company
  offering debt consolidation. Youll also want to
  be aware that sometimes debt consolidation is
  nothing more than another high-interest loan in
  disguise. Before signing up for one, make sure it
  fits into your budget and isnt just going to dig
  you deeper into trouble.

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4. Credit Card Approval

• When you apply for credit, companies look at your
  credit score to determine whether or not they
  want to lend you money. A higher score means its
  more likely that a lender will approve your
  application if your score is low, lenders are
  more likely to reject you. While it might seem
  logical that an increased credit limit would
  reward good financial behavior, no guarantee will
  happen. For example, card issuers dont typically
  consider how much available credit you have left
  when they decide to approve or deny applications.

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5. Renting an Apartment

• When it comes to buying a car, your credit score
  is one of many factors that affect your interest
  rate. In addition to affecting your interest
  rate, bad credit can also affect what type of
  loan you qualify for and how much you have to pay
  upfront. For example, if you dont have good
  credit but have money saved up or proof that you
  can make payments, some car dealerships might be
  willing to work with you on financing. However,
  others might not even consider selling their cars
  to someone with bad credit and suggest paying
  cash. Its essential to figure out how much money
  you can realistically afford per month so that it
  doesnt become more expensive than it needs to be.

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6. Buying a Car

• If you have bad credit, youll pay more for car
  insurance, meaning your monthly payments will be
  higher. When youre shopping for a new or used
  car, ask about your credit score and how it will
  affect financing. In some cases, dealerships can
  get approval from lenders to finance applicants
  with low credit scores at no cost to you. If not,
  it might be better to walk away from a deal if
  you cant negotiate something similar on your
  own. A car dealership isnt required to provide
  financing if they arent equipped to do so even
  if they tell you otherwise.

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7. Cell Phone Plans

• The challenge with finding a good cell phone plan
  is that every person has different needs.
  Different people want other things from their
  cell phone carrier, and those needs change over
  time, making it hard to choose something that
  will work well for you for years to come. If
  youre looking for reasons to switch your cell
  phone carrier, our guide will help you find one.
  Well look at seven different reasons why you
  might want to get rid of your current plan high
  cost, poor customer service, terrible coverage,
  not enough data allowance, phones are too
  expensive, or just getting plain sick of it.
  Those are some pretty good reasons, and theyve
  helped many people improve their situation by
  switching their providers.

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8. Avoid Security Deposits on Utilities

• You may be able to avoid paying hundreds of
  dollars in security deposits to gas, electric,
  and water companies. If you have good credit,
  contact your utility company and see if theyll
  trust you based on your excellent credit score.
  By giving them your checking information and
  other evidence that you are an honest person
  (like references from past landlords or
  employers), some companies will waive their
  deposit requirement if you promise to pay on time
  each month. As a bonus, it can help boost your
  credit score too!

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