9 Benefits Of Good Credit And How It Can Help You Financially

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9 Benefits Of Good Credit And How It Can Help You Financially
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Here are 9 benefits of good credit and how it can help you financially: Via ForbesAdvisor

or credit card, you know how painful it is. It can be a hardship if you were denied financing for something you need, like a mortgage or a car. And it can be devastating if you’re not approved for other loans, such as

that help many people afford college. But with a better credit score comes better approval odds. Of course, your credit score isn’t the only factor that lenders consider, but it is an important one.Some jobs, such as those that work with money or in security clearance positions, require a personal credit check. This is to make sure that you’re capable of handling finances, or that you’re not vulnerable to bribery because of financial problems.

needed to take out a mortgage in some high cost-of-living areas. You may also qualify for higher credit card limits, too., the average Baby Boomer had a credit score of 731 and a credit card limit of nearly $40,000. But for younger Millennials, the average person had a lower credit score of 668 and a smaller credit limit of around $20,000. It’s worth noting that Baby Boomers have had more time to build up good credit since the length of credit history contributes to your overall score.

require excellent credit for approval. This includes travel rewards cards that you can use to fully fund your vacations, and cash-back rewards cards that earn a percentage back on your spending.Even if you never plan on buying a house, you’ll still need a good credit score. Many people don’t realize it, but your credit score is a factor that landlords take into consideration with your rental application.

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