YES… your GOOD CREDIT SCORE can get you into a shiny new car and a big beautiful home for a very low interest rate, commonly known as a Prime Rate, but GOOD CREDIT helps you in so many other ways.
First, a GOOD CREDIT SCORE is any credit score above 740.
NOTE: A GOOD CREDIT SCORE is not the end-all-be-all factor for getting approved for a loan, but it’s a heck of a good place to start.
Banks, Auto Lenders, Mortgage Lenders, and Credit Card Companies want to do business with Good People with Good Credit… it’s that simple.
To put this in the simplest of terms:
A GOOD CREDIT SCORE shows a Creditor/Lender that you are the type of person that has paid their bills ON-TIME in the past, and therefore, will most likely, continue do so in the future.
Again… it’s really that simple.
Your GOOD CREDIT SCORE puts you in a very strong and advantageous position, to control the negotiation process, when it comes to dealing with Auto Lenders and Mortgage Lenders by having them compete for your business.
Your GOOD CREDIT SCORE also puts you in a good position to qualify for the best credit cards that offer excellent rewards and cash-back-incentives, with rates as low as ‘ZERO-PERCENT’.
A ZERO-PERCENT-INTEREST-Credit-Card can serve as an excellent ‘emergency-fund-credit-card’ in the event of an emergency, or, a ZERO-PERCENT-INTEREST-Credit-Card can place you in a great position to take advantage of a great business opportunity.
Cell Phones and Smartphones have not only become a necessity in our everyday life, but cell phones are very expensive.
With a GOOD CREDIT SCORE you may be able to walk out of the cell phone store without having to place a hefty down payment, and you may qualify for ZERO-INTEREST-FINANCING.
Rent Apartments with ZERO to LOW Deposit: Landlords want to do business with qualified people too. Your GOOD CREDIT SCORE can give you access to a great apartment in a great part of town, which comes with a ZERO to a LOW SECURITY DEPOSIT, and your Landlord, most likely, will not require for you to come up with a Co-Signer.
Auto/Home Insurance: You may not get turned down for property insurance in your state, but if you have BAD CREDIT, you could very well be paying higher insurance premiums, both on your vehicle, your home, and, if you need it, your apartment.
ZERO Utility Deposits: We all need power and water in our homes, and if you have BAD CREDIT, a utility company may require that you secure your utility service with a security deposit BEFORE you move into your new home or apartment, or, you may need what is known as a ‘Letter of Guarantee’ from a friend, family member, or someone, that will agree to pay the utility bill, in the event that you become delinquent.
THIS IS HUGE!
Employment/Promotion: You may be thinking that the job you are applying for, or the job that you are currently in, does not ‘require’ a GOOD CREDIT REPORT or a GOOD CREDIT SCORE, and this may be true.
But in the event you happen to get hired, or you happen to be employed, and a position becomes available within the company, which happens to pay in excess of $75,000 dollars per year, most employers will require a Background Check before job placement.
Now, under law, employers must inform you that a credit report will be pulled on your person as part of a Background Check. This is usually part of the On Boarding Process, and you may have been told ‘verbally’, or it may have been part of your ‘online’ or ‘hard-copy’ employment application.
In any event, if you have BAD CREDIT, you may run the risk of being bypassed, and may never have known, that you were ever considered for the high paying position, as your BAD CREDIT disqualified you.
This would absolutely be devastating to a person’s career!
Opportunities in the job market happen every day… and all of the time.
If you are not prepared to take advantage of those job opportunities with your GOOD CREDIT, you may be costing yourself an enormous amount in personal income.
BAD CREDIT can have a terrible effect in many parts of our lives, so it is best that we ALL do, all that we can, to build and maintain a GOOD CREDIT SCORE.