Having a great credit score is a universal goal, but have you ever stopped to consider why that is, exactly? Whether you’re working on building your credit or are already a top-notch borrower, it’s a good idea to be aware of the many benefits that come with a high rating.
Do the advantages of great credit outweigh the work it takes to get there? That’s for you to decide. Read on for a few of the most prominent benefits that come with a 700-plus credit score.One of the major ways your credit score — high or low — affects your life is the conditions of the loans you’re eligible to receive. You may be able to find a lender when you have suboptimal credit, but you’ll likely take on sky-high interest rates.
Higher spending limits and lower interest rates can make life a whole lot easier – unless you abuse that freedom by getting too close to your credit limits – in which case your credit scores will pay the price. A good rule of thumb: Keep your credit card balance at 30 percent or less of your credit card limit. For instance, if you have a card limit of $800, your balance should not exceed $240.
Of course, due diligence isn’t only for landlords. Employers may also be interested in your credit rating to gauge whether you’ll be a good fit for their team. The typical preemployment does not include a score but does include elements of the report that goes into the score. A clean credit report could very well increase your chances of rising above the pack and getting an offer.
ScoreSense Pathetic. Photo caption written by dingbat: 'When an employer or landlord checks your credit score, a higher number can give you an edge. Getty Images' Story: 'The typical preemployment does not include a score.' I left that verbatim to make a point. The typical WHAT? Egad.
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