Beyond the obvious perks of securing loans and better interest rates, a good credit score can actually open doors to a lot of unexpected benefits – just like a bad credit score can keep them closed. Here are other ways your credit can affect your life:
Renting in a great city or neighborhood will always be competitive (and unfortunately in 2024, it’s more competitive than ever). Having a better credit score than other renters might just give you the extra edge you need.
Insurance companies take your credit score into account when calculating premiums. Why? Because they believe that responsible financial behavior correlates with responsible driving and fewer claims.
No one likes feeling nickel-and-dimed by their cell phone provider. With a good credit score, you might qualify for better phone plans with lower monthly payments and upgraded devices.
Dreaming of starting your own side hustle or expanding your entrepreneurial empire? A strong credit score can help you secure business loans with better terms and higher limits.
Credit card companies love a good credit score as much as you do. With top-notch credit, you'll receive invitations to exclusive credit cards with juicy rewards, cashback offers, and maybe even access to those fancy airport lounges. Swipe responsibly, and the perks keep rolling in.
Whether you're buying a car, negotiating rent, or closing a deal on your dream home, a good credit score gives you leverage. It shows lenders and sellers that you're a reliable borrower and serious about your financial commitments.
Certain industries, especially those in finance or positions requiring security clearances, may check your credit history as part of the hiring process. A solid credit score demonstrates responsibility and trustworthiness, potentially giving you an edge over other candidates.
Perhaps the most unexpected benefit of all is the peace of mind that comes with financial stability. A good credit score reflects disciplined financial habits, which can lead to less stress about money and more focus on enjoying life's little pleasures. Whether it's a spontaneous weekend getaway or treating yourself to that fancy coffee, good credit makes it easier to savor the moment.