Why do you need good credit? The answer to this is a simple one. You need good credit not just for fantastic financial opportunities in life, but for a high self-worth as well.
I’m going to elaborate more on this below, and the benefits of why having good credit is so important!
Why Do You Need Good Credit?
Having a stellar payment history and a good credit score above the mid 600’s will prove to the creditors you are going to pay them back when you borrow money. Thus, giving you better interest rates and more favorable terms when you’re ready to finance big-ticket items such as a home, boat, motorcycle or new car.
You also need good credit to rent a decent apartment. Heck, even your new roommate might want to check your credit. Would you want to rely on a roommate paying their portion of the rent with bad credit when you have good credit?
Other things you would not even think of could also be affected, such as getting a new cell phone or a job!
That would really suck if you got turned down for a new job because you had bad credit.