8 reasons why good credit is so important

Credit matters when looking to buy a house, car, or any other pricey asset.

Good credit can provide you with terms and privileges not available to a person with poor credit, including lower interest rates and increased borrowing capacity.

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A person with good credit is considered low-risk and therefore has an easier time getting approved for a personal loan compared to high-risk borrowers.

Easier Access to Credit

Consumers with good credit may qualify for lower interest rates when borrowing money.

Lower Interest Rates

Consumers with good credit may obtain larger credit limits than those with poor credit.

Increased Borrowing Capacity

Good credit can help you buy a house with a good mortgage rate or a car with low financing. Borrowing money to own a home or vehicle may come at a price that includes principal and interest.limits than those with poor credit.

Easier to Buy a Home or Car

Landlords who conduct credit checks might deny lease applications if a prospective tenant has bad credit.

More Apartment Lease Options

Jobseekers can benefit from good credit, as some employers may consider a person’s credit score when making hiring decisions.

Helps Satisfy Employment Background Checks

Law enforcement officers with good credit could gain privileged access to classified national security information and FBI facilities.

Ability to Obtain Security Clearances