A good credit score can affect everything from the apartment you live in to the car you drive, and even where you work and who you date! Beyond buying a home, a soaring score can make life awesome. You probably know that a good credit score can get you a better interest rate if you’re in the market for buying a new home. But that’s hardly the only time in your life where credit score matters. In fact, it could affect everything from the apartment you live in to the car you drive, and even where you work and who you date!
Why A Good Credit Score Matters
Here’s a closer look at some of the lesser-known reasons why it pays to monitor your credit score (and do what you can to raise it!):
You can get a way better apartment
Landlords in competitive markets rely on credit reports and credit scores to help choose their tenants. That’s because a strong credit history is a pretty good predictor that you will be trustworthy and responsible with your finances, and they’ll get their rent payment on time. A poor score might limit your apartment options, forcing you to settle in a less desirable area. Meanwhile a good credit score will get you the house of your dreams.
It can help you take your relationship to the next level
You’d be surprised at how many potential mates rank credit score right up there with good looks and a sense of humor when deciding whether or not to move into the “serious relationship” phase. According to one survey, 42 percent of adults say knowing someone’s credit score would influence if they want to continue to date that person. In other words, financial baggage could be detrimental to your love life. On the other hand, a good credit score may help finding your one.
You can land the job of your dreams
Although it’s not exactly legal for an employer to pull your credit score, in some industries, reviewing your credit report is standard practice. If you plan to have a career in finance, in a government agency, or involving anything related to high-tech security, poor credit health can take you right out of the running. And since a credit score is the numerical grade based on the stuff in your credit report, working to raise it can improve your employment chances, too.
You can drive a cooler car
A good credit score gives you access to the things you want in life, including a luxury car. A high-end auto dealership isn’t going to give just anyone a loan or lease–you’ll need to have a stellar score (or a whole lot of up-front cash) to get approved. Plus, good credit score can get you a super low rate on a regular car loan, too.
You can lower your bills
Being able to refinance a mortgage or student loans to a lower rate can save you thousands of dollars. What’s more is that your insurance companies keep tabs on your credit as well, so if your score plummets, it could mean that your premiums will go up.
Good Credit Score: The Bottom Line
Improving your credit score will give you access to reduced rates, better financial product terms, and make you a creditworthiness “VIP.” Don’t wait until you go home shopping to check your credit score—See where you stand today!