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Credit Score

A good credit score is vital for many reasons.

Why is a Good Credit Score Important?

There are many reasons why having a good credit score is essential. Some of the benefits include:

Helps you get approved for loans and lines of credit
Qualifies you for the best interest rates and terms
Gives you negotiating power when it comes to fees
Saves you money over the life of your loan

Aside from traditional financial lending products, a high credit score can help you in other areas of your life. For example, people with better credit scores pay less for auto insurance in many states. In addition, a high credit score can help you lease an apartment or get a lower security deposit.

A good credit score is crucial because it saves you money. With a higher credit score, you’ll qualify for the best interest rates and terms on loans. This can save you thousands of dollars over the life of your loan. In addition, a good credit score can help you in other areas of your life, such as getting approved for an apartment or getting a lower security deposit. Some employers also pull a candidate’s credit report before issuing a job offer.

All-in-all, having a good credit score is beneficial whether or not you want to apply for credit.

Gaining a Solid Credit Score

Pay Bills On Time

Payment history has the most influence on your credit score. A missed or late payment may significantly impact your credit rating and can remain on your credit report for up to seven years.

Keep Balances Low

Keep your total credit utilization at a max of 30%. The lower, the better. Usage dings your score, but the impact fades when you can lower your balances and show a decreased usage on your credit reports.

Monitor Credit Report

Nothing in the world is perfect. Get into the habit of checking your credit reports periodically and correcting any errors you find. Being proactive ensures that you have an accurate report when you need it most.

It's time to work on your financial health...

Credit Card Chest can help you get the financial future you deserve. Our advertising partners provide valuable services to assist you in measuring your progress and determining how close you are to achieving the coveted 720+ FICO score.