Here are a few advantages of having good credit.
Loans become more accessible
Maintaining a decent credit score demonstrates that you utilise credit wisely. When banks or other lenders notice this, it tells them you are a good credit risk who is more likely to repay the money you are asking them to lend you.
Lower Credit Card or Loan Interest Rates
Do you know how you see advertisements advertising 0% or incredibly low-interest financing? Those enticing prices are intended for consumers with similarly enticing credit. Maintain a high credit score if you want to keep your interest rates low. Credit limitations will also be increased.
Renting an Apartment gets easier
Apartments typically do credit checks on tenants for the same reason that lenders do. They want to know that if they let you live there, you would pay the rent in full, on time, every month. Your great credit gives them confidence that you are more likely to do so.
Increased Possibility of Obtaining a Job
Prospective employers cannot access your credit score, but they may check a version of your credit report that contains payment history. Employers consider it from a stance of responsibility. They believe that if you use credit wisely, pay your payments on time, and are not overextended, you will be a more responsible employee. Bad credit, on the other hand, may lead businesses to pause throughout the hiring process.