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.
A Long List Of Benefits For Having Good Credit
Over time, I’ll be adding more to this list. Let’s see how long it can get!
- You get low-interest rates on credit cards and loans.
- You will not get turned down for high profile careers and jobs.
- You get a better chance for approval when submitting credit applications.
- More negotiating power when buying high ticket items such as motorcycles or cars.
- You can get approved for much higher limits on unsecured lines of credit.
- A much easier approval process for renting a home or apartment.
- The best car insurance rates!
- You can get a cell phone on a contract with NO security deposit.
- You don’t have to put down a big security deposit when renting a car.
- Avoid putting down a security deposit on utilities such as gas, electric, cable, telephone, etc.
- Most Importantly, You get the bragging rights!
Do you have a personal thought about why having good credit is important? Have an experience you want to share with the readers? Comment below.