Saturday, June 18, 2011
Possibilities of Good Credit
What are the benefits of a good credit score? First of all, what does qualify as a good score? The line drawn might differ depending on who you ask, but a 740 or higher would put you in the top third of Americans. It will get you some of the lowest rates on home and auto loans. However, a good credit score also gets you lower rates on credit cards and better cash back deals. Also, when purchasing a car and looking for financing, dealers will typically be locked into preset rates for financing; but, you could talk about finding better loan offers elsewhere to leverage in negotiating the sticker price. If you are looking for a vacation home or (more likely for college students) a place to rent, a high score usually is a sign of a responsible tenant which will help again in your negotiations for price.