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What are the Benefits of Having a Good and High Credit Score?

By Derek Brown
Published: Thursday, January 27th, 2011

Of course everyone is aware that having a good credit score is of great advantage to the consumers. But the truth is there are some advantages that we don’t realize. One of the common reasons why people try hard to maintain a high score is their loans and credit card applications. When you have high score then you can see a big chance of getting a loan or credit card. Along with the sure approval is the guaranty of lower interest rates. Lenders feel safe investing on people with a good creditworthiness.  But then again there is more to that. You might not realize that you actually are saving money with a good credit score. an additional two or three percent is added to the average interest rate for people with low credit scores. Summing it up in a yearly basis, the two or three percent would be a great amount.

Even businesses need loans as well and this has become an imperative thing in the present days. Any businessman would understand that the bigger the capital is, the bigger the return of revenue is as well. Having a good score can help you get a loan at a lower capital so you can have the business expansion you’ve always been wanting. But at times lenders will find it difficult to gauge you as a private person and a businessman.

Do you think that employers just check on your educational and employment records? The truth is that more companies now run a credit check on their prospect employees. So when they find tat you are able to maintain a good score you may likely be the best candidate for the job especially when it is related to finances and audits. For employers, they think that a person who is able to manage his finances and had been real responsible in it will also be a responsible employee for the designated job.

But the best seen advantage in having a good credit score is your higher buying power. You can get a loan at a low rate, have a new credit card when you need it, take out a loan for a small business or home renovation, buy a car in lower price, have a mortgage with the lowest interest; the possibilities are endless so long as you have maintained a score which is impressive. So be responsible and you’ll reap what you son in the end.

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