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Advantages of Good Credit Score

By Janet Lacey
Published: Friday, November 6th, 2009

When you want to strike a conversation with a person, there are some topics that, you know would surely click. One such evergreen topic is the talk on credit scores. The changing trend of the economy is bringing a change in people’s mindset too. Initially, just being financially sound mattered. Paying your bills would follow with ease and was not too big an issue to be focused on. Of late, people have shifted their focus on the payment of bills to an extent that they do not spare a chance to bring up the issue when given a chance.

The sad part about this trend is that people are forgetting to see the other face of the coin. Yes, there are certain advantages of maintaining a good credit score too. People hardly realize that maintaining a good credit score is also a means of using your money judiciously. Hard earned money is dear to all and you want to reap maximum benefits from every single penny that you have. People maintaining good credit scores are doing just that. A poor credit score is a loss you incur on yourself.

Spending your hard earned money only towards paying the interests is one of the heart breaking things to do. Sometimes, even after months of paying the money, we realize that we have only touched the tip of the iceberg which could get very frustrating. People who maintain a good credit score are sure to get away from this cycle. They have an edge over the others simply because of the good credit rate and hence they gain by having to shell out at row interest rates. They have relied on the bank for their loans, letting them know that they trust the bank enough to do so. The banks also reciprocate the same with offering them low rates of interest for their loans. So, if you are one of those thinking you are spending too much over the high interest rates, you may want to ease your position by trying to work on your credit scores, instead.

Another major advantage of having a good credit score is that you can escape the excruciating formalities of waiting for days together to get your loans approved. The processing of loans is done much faster by the banks simply because you have maintained a good credit score. They tend to trust you more than the other clients. It is a privilege, indeed, to enjoy this trust in a situation where the economy is bad and money is held on to very dearly by all. If you have a good credit score, you have a higher chance of your loan being approved.

When it comes to money matters, being wise to manage it well enough holds the key towards a sound growth in status. You can opt to be foolish by trying to safe guarded yourself from the payment of bills and feel secure about it, turning yourself blind to the fact that you are subjecting yourself to a loss. Or you can decide to be wise and make every penny work to your advantage by enjoying loans at low interest. You enjoy the benefits of being privileged customer. And next time you get to talk about this in any get together, you surely know that there are two sides of the coin you got to talk about!

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