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5 reasons why you need a good credit score!

Credit scores are an important part of your financial health which you cannot afford to ignore.

A smartphone displaying the credit score of a person.

Surviving with bad credit is possible but it is not easy and definitely not cheap. On the other hand, a good credit score will not only help you save money but also help you progress financially.

Basically, your credit score is a measurement of your overall financial health and creditworthiness. On the basis of your credit score, banks and other financial institutions determine if you are able to pay off your loans and credit cards. They also decide the interest rates. Hence why it is super important to build and maintain a good credit score. Here are a few other reasons why you need a good credit score -

  • Lower interest rates - The most important reason for a good credit score. Banks and other institutions will offer you credit cards at lower interest rates along with plenty of other benefits.

  • Multiple rewards - With a good credit score, you are granted access to the best rewarding credit cards in the market. They give you rewards such as cash back, travel points, and shopping discounts.

A paper showing the credit score of a person.
  • Higher credit limits - Creditors will likely lend you more money because of your proven creditworthiness with a good credit score.

  • Loan approval - Business loans, auto loans, mortgage loans, etc. are easily approved at lower interest rates to those with a good credit score. Without a good score, your loans will have high-interest rates or you won't qualify for them.

  • Employment checks - At times, employers conduct credit checks when hiring new employees. If you haven't demonstrated financial responsibility with poor credit scores, a prospective employer might be hesitant to hire you.

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