Why you need a good credit score?

If you have ever checked your credit report online to see what your credit score is, you might be shocked to see that it is good when you thought it was bad, or bad when you thought it was okay. Regardless, you should want a good credit score for many reasons.

Credit card interest rates

A bad credit history means that you have not always paid back your debts on time. If you have a bad credit score as a consequence of a bad credit history, credit card companies like banks will not want to give you good deals on credit cards. You will have lower withdraw limits and face higher penalties for late payments, and also could see higher interest rates.

Home loans

People who have good credit can get great deals on home loans, paying as little as 10% upfront. Other people have to pay 25%. This means that you can live in your home earlier and thus avoid paying rent while you save up for the mortgage. It is important that you get the best loan you possibly can because there are so many trash loans out there on the market. These loans will ensnare you into years of debt that you cannot possibly hope to pay off and could result in the eventual foreclosure of your house so you will could lose anything if you do not shop around, especially with bad credit.

This is a guest post by Murray Newlands. Murray and his company Influence People do online marketing work for a wide variety of clients. Murray himself is an expert on in-text advertising services and advises clients on finding alternatives to Infolinks so that they can make more money.