Got bad credit? Here’s some much-needed truth for you:
If your credit score is below 680, you’re missing out. You see, bad credit affects everything from relationships to housing, and it can put a strain your health too.
While, repairing your credit will take some effort, doing so can clear the pathway for a more exciting lifestyle and financial future.
Here’s a peek at a few of the good-credit benefits you’ve been missing out on:
Benefit #1: Lower Interest Rates on EVERYTHING
When you have good credit, lenders trust you and they feel more comfortable with loaning you a chunk of change. This means they will fling better shiny new terms your way. Grabbing a lower interest rate will enable you to:
- Pay Off Your Mortgage/Car Sooner: Take what you would’ve applied to interest and put it toward your principal instead.
- Save on Credit Card Payments: Stash the money you would have given to your creditors into a high-interest savings account that’ll line YOUR bank account with cash.
- Enjoy the Finer Things in Life: Forget putting money toward high interest on a mediocre purchase. Instead, use your awesome credit to splurge on a lux version of whatever you’re purchasing.
Benefit #2: Access to Prestigious Credit Cards
Make way for deluxe credit cards that you usually only see in the wallets of wealthier folks. Top credit cards offer tons of rewards, mileage points you can use to score free flights and other perks like travel insurance. Plus, they’ll give you signup bonuses and 0% interest rates in the first year of owning the card.
Sitting on a less-than-stellar credit score right now? Unfortunately, you’ll be lucky to get approved for even a zero-perk card. And if you do, it’ll have a pretty hefty interest rate. This is because creditors don’t want to “reward” you for having bad credit so they reserve all the best perks and benefits for who are close to or have surpassed a 700 credit score.
Benefit #3: Upgraded Housing
With better credit comes more, housing opportunities in better neighborhoods. Want to flee a high-crime area and send your kids to good schools? A 700+ credit score can get you there.
Even if you’re not ready to buy, a boost in your credit score will help you get into an upgraded rental unit. Afterall, landlords scout people who pay bills on time and want to rent to folks who know how to take care of things. A good credit score shows you’re responsible and that your financial house is in order.
If your credit is sub-par, you’re missing out on things like low-interest rates, the best credit cards and an upgraded lifestyle. Having good credit will put you in the driver’s seat and give you the ultimate control over your finances. Low-interest and better terms allow you to plan, save and invest for a better tomorrow.
I have a low credit score because of derogatory marks and late payments. While the work world is pretty much non-existent, I am unfortunately unemployed, at this time. I really need guidance about how to repair my credit, so that, I can have a healthy and productive life.