We talk about credit scores frequently here because they have a huge impact on your mortgage possibilities, but there are many more reasons to get your credit score as high as possible and keep it that way (whether you are looking to buy an Atlanta new home or you are happy where you are living now). Equifax expert Miranda Marquit explains more about the value of a high credit score in the new article, “The Top Four Reasons Your Credit Score Is Important.”
In addition to having more flexibility to borrow for mortgages and other loans, high credit scores offer you:
- Lower insurance premiums – while Georgia prohibits insurers from using your credit score alone in setting insurance premiums, it does come into consideration. And with a lower score, you could end up paying more each month for insurance coverage. With a higher score, you could pay hundreds of dollars less in insurance premiums over your lifetime, and find it easier to switch insurance as insurers are much happier to have stable, high scoring clients.
- Access to better financial deals – Along with access to better insurance options, you have access to better financial deals and opportunities. A high credit score opens doors to options like refinancing your home to a lower interest rate; access to better rewards credit cards with lower interest rates; and access to checking accounts, investment accounts and credit cards with signing bonuses. Having access to these financial deals may help you better manage your resources in the long run.
For more about how you can improve your credit score, set a budget and save money, check the Equifax Finance Blog!