In this article, we are going to give you several reasons why having a good credit score will help you to get the best loan :
1 – Poor credit score can cost consumers over $200,000 in extra interest over their lifetime compared to consumers with excellent credit scores.
2 – 72 percent of employers conduct background checks on prospective employees and include a credit check in 29 percent of cases.
3 – Individuals with credit score below 580 can end up paying auto loans rates that are 5 or 10 times higher than what consumers with good credit scores receive.
4 – Individuals with an average score of 650 or higher are more likely to be approved for an apartment or home rental.
5 – Mortgage borrowers with credit scores below 760 can expect to pay as much as $69,751 in additional interest over the lifetime of the loan.
6 – With a credit score at 580 or below, it becomes hard to get access to credit other than high interest payday and title loans.