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10 Ways a Higher Credit Rating Will Change Your Life

Updated: Jul 24, 2023

A high credit rating, such as an A+ rating, can have a significant impact on an individual's financial life. It makes financial recovery easier, can save you a lot of money and can even help your mental health by reducing stress. Here are 10 way good credit can make your life easier and better!

1. Lower interest rates:

With an A+ credit rating, lenders and financial institutions may view you as a low-risk borrower and offer you lower interest rates on loans and credit cards. This can result in significant savings over time.

2. Easier access to credit:

According to Forbes: Having a high credit rating may make it easier for you to access credit, such as loans and credit cards, as lenders and financial institutions may be more willing to approve your applications.

3. Better credit card rewards and benefits:

A high credit rating may qualify you for credit cards with better rewards and benefits, such as cashback, travel points, and exclusive perks.

4. Better rates on cell phones:

According to NerdWallet, if you have poor credit you may have to pay upfront or finance your new phone or phone upgrade and pay an interest rate on top of it. However, with a good credit rating, some phone companies offer 0% payment plans or financing at much lower interest rates.

5. Easier to rent an apartment or house:

Landlords and property managers may use credit scores as a way to assess an individual's responsibility and trustworthiness, if you have a high credit rating, it may be easier for you to rent an apartment or house.

6. Easier and cheaper to set up utilities:

Many utility companies will use your credit score to determine on whether or not they will require a deposit and a letter of guarantee, which is a letter from a friend and or family member agreeing to pay your bill if you don't. With good credit, you won't have to deal with any of that.

7. Higher credit limits:

With an A+ credit rating, you may be able to qualify for higher credit limits on credit cards and loans, which can provide you with more financial flexibility.

8. Better negotiating power:

With a high credit rating, you may have more negotiating power when it comes to financial products and services, such as loans, credit cards, and insurance policies.

9. Better auto and mortgage rates:

High credit rating may also qualify you for better auto and mortgage rates, which can result in significant savings over the life of the loan.

10. Better insurance rates:

In states where it is allowed, auto insurance companies can use your credit score to determine your risk factor for loss and charge you higher rates. Most states allow similar practices for home and mortgage rates as well.

Bonus! And it's a big one.

Potential for higher paying jobs:

That's Right Some employers may check your credit as part of their background check. Having a high credit rating might get you more pay than you would otherwise. Why? Good credit isn't just a score on how well you've managed debt. A good score says your are responsible, which leads to trust and the possibility that you will become an asset to your employer.

Overall, an A+ credit rating can change your life for the better. If you aren't working on building your good credit, it's time to start. You can work on your credit yourself or you can hire a credit repair or credit counseling service to help you. AIO Credit Rehab's goal is to assist and lead you on your journey to build better credit. Check out how they do it.

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