5 REASONS FOR GOOD BONITY - MONEY - 2020 - News-Credit-Mortgage-Coin


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Sunday, March 8, 2020


A good credit score is important for everyone to have. For most of us, credit is a necessary part of life. Building solid credit and maintaining high credit can dramatically affect your quality of life now and in the future if you consider applying for a loan or even a prepaid debit card.

Buy a house

Buying a home is one of the biggest investments you can make in your own future. It is also one of the most difficult if you don't have a good credit score. The recession led to foreclosures and numerous short sales. Even though the property market has recovered, banks are still cautious about lending and have stricter requirements than ever before to qualify for a loan.

If you are not ready to buy a house, it is important to know that renting a house currently includes a credit check for most people. If you have overdue loans, you may not be able to rent a house or apartment, or you may have to make a larger down payment.

Buy a car

This is a common purchase and many Americans take out loans when buying a vehicle. Auto loans are much smaller than home loans so they are usually easier to get with a bad credit score. A bad credit score only qualifies you for high interest and higher down payment for a vehicle. This can mean that you pay thousands more for the same car than for someone with a good credit rating.

After buying this new car, you need auto insurance. Almost all insurance companies now take your creditworthiness into account when calculating your premium payments, so you can save money in this area as well thanks to good creditworthiness.

Open a business

If you are thinking about starting a business and need a business loan, your credit score and history will take into account your suitability for small business finance. Regardless of whether you're starting a business from scratch or trying to expand your funds, your individual credit rating affects your ability to get a loan for your business.

Get a job

Many employers are currently performing credit checks on potential employees before hiring them. This is particularly the case in the state and financial area. A negative value or history may prevent you from being hired.

Lower interest rates

While good credit is an important factor in obtaining any kind of grant, many banks are still willing to lend to people with bad credit. If your credit is damaged, you will need to provide additional documentation for your loan. You will most likely also be affected by a higher interest rate. The financial institutions outweigh the risk of giving you money.

If you want better interest rates to save yourself money in the long run, you should keep your credit rating high. Repair your creditworthiness by making house and car payments on time, paying off loans before the loan expires, and paying off your credit card in full on a monthly basis.

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