TOP 5 Benefits Of A High Credit Score (Most People Don't Know About!)

Knowing the benefits of having a high credit score is crucial. Not only could it help you maximize the hard work you put in getting there but also could make it so you stay motivated to keep it growing, with the goal of hitting that perfect 850 credit score.

The first benefit of having a high credit score, is that it could be the factor that determines whether or not you get your next job. Now while this isn't as common of a practice today, various employers still use this as a factor in selecting the best employee they can have. Now you may wonder why this would matter in the first place but it is quite a simple answer. Having a great credit score tells the company more about your character, and how responsible you are with your finances.

The second benefit involves insurance. Similar to the first benefit, having a high credit score will get your lower insurance rates. Now this is the case because having that high score, lets them know about how you are as a person. The higher it is, the more responsible you most likely are, thus that directly correlates with other aspects of your life such as health, risk-tolerance, etc. So having a higher score can save you a ton of money each month for little to no extra work.

The third benefit is one that we all know and love; lower interest rates. This is a key reason that most people even get into credit cards, as they want to eventually benefit from the better rates when it comes time for them to get a car or mortgage. It once again comes down to the banks finding you trustworthy and not as big of a risk, thus they can afford to give you a lower rate to get your business.

The fourth benefit, my personal favorite, is the fact that having a higher credit score increase the flexibility you get with banks/lenders. It gives you the chance to visit multiple lenders and find the best rate you can, even sometimes having banks fight to get you to go with them by giving you the best terms possible. This is a key factor, especially in a recession, when it is so much harder to get a loan in the first place. When that time comes, you will have the highest chance of getting a loan, possibly even snagging a great deal on an investment property. By far the best reason to have and maintain a high credit score.

The fifth benefit is the fact that you have the luxury of picking and choosing which credit cards you want without having to worry if you'll get accepted or not. This plus the fact that you will get high credit limits, is a great benefit that will continue to increase as your credit score does, as adding more cards would benefit your score long term!

Overall, I think everyone needs to work on their credit scores and get them as high as possible. There are too many perks that come with it to ignore.

Be sure to stay subscribed if you are interested in personal finance, investing and all things credit!

Tools/Links:
Credit Karma: https://www.creditkarma.com

Chapters:
0:00 Intro
0:24 Credit Score Background
0:50 Benefit 1
2:06 Benefit 2
2:55 Benefit 3
3:52 Benefit 4 (My Personal Favorite)
7:04 Benefit 5
7:53 How You Can Get A High Credit Score
8:05 Outro

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Disclaimer: I am not a financial advisor. Jacob Kustra does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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