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The Need for a Good Credit Score & Credit Cards

, March 16, 2020, 0 Comments

good-credit-score-marketexpress-inIt’s essential to have a good credit score more than just getting a credit card or a loan. This means that having a good credit score will help you save money and make your financial life much easier. It’s possible to survive with bad credit; however, it’s not easy and not cheap. Here are the reasons for a good credit score & Credit Cards

Quick Loan Approval

When you are thinking of starting a business you will require a good amount of cash. In that case, you’ll need to obtain a small loan. For your loan application to be successful, you need to have good credit to qualify for that loan. Having a good credit score doesn’t guarantee approval. However, an excellent credit score increases your chances of being successful for new credit building credit cards. In other words, loan applicants with a strong credit rating can qualify for larger loan amounts with lower interest rates.

Determines Your Living Expenses

Your credit is needed to establish your utility services. Before turning on your electricity, the electricity company must check to see if you have good credit.

If you have a good credit score it means you will not pay a security deposit during the establishment of utility service in your name. In other words, your credit is defined by how you’ve paid your previous bills many utility providers use your credit to predict your future financial responsibility. Anytime you need to finance an essential item or set up services, your history of paying bills must be promptly checked.

It Can Determine Where You Live

When you are planning to buy a house or mortgage, lenders must know that you won’t default on your mortgage. Therefore by not having good credit, the lender will consider it risky to give you a mortgage loan. Similarly, if you’re approved for a mortgage, your credit score affects your interest rate. The Lower the credit scores the lower chances a loan application to be approved, or approved at a higher rate. Also, more landlords are using credit scores to screen their tenants. A bad credit score can damage your chances of getting into an apartment. A good credit score will save your time and hassle of finding an apartment.

A Solution to Your Employment

Most of the employers will tend to conduct credit checks as part to find out your credit report before employing you. An employer might be hesitant to hire you if you haven’t demonstrated good financial responsibility. In some cases, employers check credit scores before giving out promotions, mainly for financially-related positions.

Due to economic reasons, many people have become increasingly dependent on credit to make purchases and financial decisions. However, due to huge obligations beyond their means, many people are not able to pay their debts. Also, general living expenses take a lot of people’s salaries. For that reason, businesses have insisted on credit building credit cards before providing products or services on credit.

In association with Nova Credit

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