A good credit score can have a profound effect on your life. It's not just about getting approved for loans or mortgages, it's also about the interest rates you'll pay and whether you'll be able to rent an apartment. The average cost of living in New York City is $92,000 per year while the median household income is only $59,000. A bad credit score can keep people from being able to afford their basic needs like shelter and food which leads them into poverty.
Get Approved for Higher Limits: Credit cards are a necessity for most people. They help establish credit and provide convenience when making purchases. But not everyone is approved for the same limits on their credit card, which can be frustrating as you may feel like you're being judged by your bank or even denied because of something that's out of your control. When you have higher credit score then its chance to get higher credit limit on your cards.
Easier Approval for Rental Houses and Apartments: One of the most frustrating parts about renting an apartment is having to jump through hoops to get your landlord's approval. But things are changing in order to make it easier for people with a low credit score, and even those without one at all, to qualify for rental housing.
Better Car Insurance Rates: A recent study by the Insurance Research Council (IRC) found that drivers with better credit scores tend to pay less for car insurance than those with lower scores. The report, which analyzed data on more than 1 million policies from six large carriers in ten states, revealed that people who have a credit score of 780 and above typically paid an annual premium that is $1,150 cheaper than those who had a score below 580.
Are you still struggling with bad credit score?
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