A good credit score has the potential of saving you a lot of money. Having bad credit costs more in interest rates, and insurance premiums, and can prevent you from acquiring good employment or a place to live. If your credit score is not in the ‘good’ range, you will want to seek credit repair before attempting to borrow money or finding a new job or place to rent.
These are some of the major benefits you will receive by having a good credit score according to the NFCC (National Foundation for Credit Counseling.)
1. Better Insurance Premiums for Your House or Vehicle
Having a good credit score will save you money on your vehicle or homeowner’s insurance policy. Insurance companies determine your amount of risk by how high or low your credit history has been. There are other factors used to determine your premium amounts outside of your credit score, but one major insurance company in the U.S. reports that credit-based scoring results in one of the fairest assessments of a driver’s risk.
2. Finding Suitable Living is Better with a Good Credit Score
According to one of the top credit reporting bureaus in the U.S., a score of 620 is a minimum score for qualifying for an apartment. Some property management companies and landlords are more strict about the score, but it is reported a credit score of 700 or above will likely make your application for an apartment go through much smoother.
If you have a good credit score when looking for a suitable apartment to rent, it will also protect you from needing a co-signer on the lease, or having to make a substantial security deposit. Before you begin searching for a new rental, check your credit score, and if you need credit repair, talk to the experts at KeyPoint Credit Services LLC.
3. Lower Interest Rates on Loans and Credit Cards
The amount of interest attached to a loan or credit card is often determined by your credit score. With a good score, you will qualify for better interest rates and pay a lower finance charge on your credit cards. The less interest or finance charge attached to these debts means you can pay the balances much quicker and for a lot less money.
4. Receive Higher Limits
How much you can borrow is based on your credit score and your income. One of the most significant benefits of a good credit score is that lenders will allow you to borrow more money. The lenders will look at a good credit score as a determination that you can pay back the money you’ve borrowed, and therefore allow you to borrow higher amounts. A bad score on your credit history can still get you approved for a loan, but for much less money.
5. Avoid Deposits on Cell Phones and Utilities
Cell phone companies may not offer you a contract if your credit score is bad. You may have to go with a pay-as-you-go plan which can be more expensive. If your credit score is good, you can avoid paying a security deposit and perhaps even receive a discounted purchase price on the newest phones when signing a contract.
Another benefit of a good credit score is avoiding having to pay a security deposit on your utilities. Some companies ask for $100 to $200 deposits before providing you with utilities which can be a huge inconvenience. Before you seek to establish utilities in your name or will have to transfer your services to another location, you should check your credit score. If you have a low or bad credit score, seek credit repair through KeyPoint Credit Services LLC and save yourself money and inconveniences.
Where to Find Credit Repair
KeyPoint Credit Services LLC is one of the most effective credit repair services in the country. We use aggressive measures and strategies to make sure you get results when restoring your credit. Talk to us today and learn how we can improve your credit score in four easy steps and get you back on a path to a better financial future.