How to Get Rewarded for Good Credit
Obtain a loan or credit card., Receive lower interest rates., Get better insurance rates., Increase your chances of approval for renting a house or an apartment., Obtain specialty credit cards., Shop around and have companies compete for your...
Step-by-Step Guide
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Step 1: Obtain a loan or credit card.
One benefit of having good credit is having the ability to approach a bank, car dealer or mortgage financier and attain credit.
A lender will take a look at your credit history as well as your overall credit score.
Your chances of getting credit extended to you rises substantially if payments are made on time, you have a long credit history that is in good standing and you have a low debt-to-income ratio.
Debt-to-income ratio takes into consideration the amount of money you owe to all of your creditors versus the amount of income you bring in. -
Step 2: Receive lower interest rates.
The better your credit history, the lower your interest rate is going to be on new credit cards and money you are borrowing.
You can also negotiate with your current credit card companies.
Many times, if you have good credit, they will lower your interest rate in order to keep your business.
You may also be able to negotiate higher credit limits with your creditors. , Insurance companies are relying more and more on credit ratings and histories when determining if they will accept you as a client.
This can also affect your premiums for home, life, auto and health insurance. , Property management companies perform background checks on potential residents, including credit checks.
Your ability to rent can be in jeopardy or your deposit can be higher if your credit report reflects a mediocre or poor history. , Specialty credit cards offer perks for their customers.
These perks include free airline miles on participating air carriers, store discounts and travel discounts for motels, resorts and rental cars. , If a company sees you have a good credit history, it may try to entice you with benefits not offered to others.
Use this information and shop around for other companies that might offer something better. , Potential employers rely on credit reports to determine the character of job applicants.
A good credit history will you gain employment , These types of loans are difficult, but not impossible, to get and appeal to people who do not want to disclose all of their financial information and are willing to pay higher interest rates. -
Step 3: Get better insurance rates.
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Step 4: Increase your chances of approval for renting a house or an apartment.
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Step 5: Obtain specialty credit cards.
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Step 6: Shop around and have companies compete for your business.
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Step 7: Get the job you want.
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Step 8: Increase your chances of obtaining a low-doc
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Step 9: no-doc (sometimes called no income/no asset or NINA) or low-ratio loans.
Detailed Guide
One benefit of having good credit is having the ability to approach a bank, car dealer or mortgage financier and attain credit.
A lender will take a look at your credit history as well as your overall credit score.
Your chances of getting credit extended to you rises substantially if payments are made on time, you have a long credit history that is in good standing and you have a low debt-to-income ratio.
Debt-to-income ratio takes into consideration the amount of money you owe to all of your creditors versus the amount of income you bring in.
The better your credit history, the lower your interest rate is going to be on new credit cards and money you are borrowing.
You can also negotiate with your current credit card companies.
Many times, if you have good credit, they will lower your interest rate in order to keep your business.
You may also be able to negotiate higher credit limits with your creditors. , Insurance companies are relying more and more on credit ratings and histories when determining if they will accept you as a client.
This can also affect your premiums for home, life, auto and health insurance. , Property management companies perform background checks on potential residents, including credit checks.
Your ability to rent can be in jeopardy or your deposit can be higher if your credit report reflects a mediocre or poor history. , Specialty credit cards offer perks for their customers.
These perks include free airline miles on participating air carriers, store discounts and travel discounts for motels, resorts and rental cars. , If a company sees you have a good credit history, it may try to entice you with benefits not offered to others.
Use this information and shop around for other companies that might offer something better. , Potential employers rely on credit reports to determine the character of job applicants.
A good credit history will you gain employment , These types of loans are difficult, but not impossible, to get and appeal to people who do not want to disclose all of their financial information and are willing to pay higher interest rates.
About the Author
Rachel Webb
Specializes in breaking down complex pet care topics into simple steps.
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