Building Healthy Credit – Day 2
A higher credit score can benefit you in many different areas of your life. Here are a just a few advantages that you may not have even considered yet!
• Lower interest rates on loans
• Higher credit limits on credit cards
• Easier to rent a house, apartment or vacation rental
• Lower security deposits or reduced fees
• Better rates on car insurance
• Lower rates on car leases
• Better cell phone contracts
• Better chance of getting a business loan
• Past credit problems fade away with time
• Easier to get approval for a mortgage loan
• MORE NEGOTIATING POWER!
When it comes to applying for a home loan, a high credit score is one of your greatest assets. After you’ve completed your loan application, the mortgage lender requests a copy of your credit report. This detailed report gives the lender a clear idea of how well you manage your credit.
That’s why it’s so important to examine your credit reports in advance and find out if all the information is correct. Then, you can determine if it’s in your best interest to create an action plan to improve your credit score. Make sure you get copies of all three credit reports (one each from Experian, Equifax and TransUnion) from a secure and reliable source, such as AnnualCreditReport.com.