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:

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.

If you have any questions or comments, leave them down below!
#credit #creditcards

[pb]

Buying a car with a 800 credit score is a breeze. No money down, interest rate deals. Bonus stuff. So much easier to have a high credit score.

[kobefan]

Just here cause im rockin a 752 credit score, im tryna hit that 850

[dynamics]

There are many people don't take credit score serious, Wonderful sharing sir.

[DZtoUSA]

First comment ❤️
I’m so happy this week I’ve reached the 800 mark credit score that I’m working on for years.
Good luck buddy

[DreddDeJesus]

I love this! Always aim to boost your credit score. You'll never know when you actually need to use it.

[Katherine_xs]

I am so grateful that I was so interested in taking care of my credit score since I was 18, I am even more grateful that I got a credit card at that age ! Now I rent and I have no worries for the credit checks

[tranger]

Very well explained. I'm a financial coach and I get so many clients that tell me they were told a good credit score is not necessary and surprisingly they get that information from the financial gurus like Dave Ramsey. I have an 830 and explain to them that unless you have 40 thousand on hand to buy a car like a good credit score saves you money.

[HitsTownUSA]

I’ll add another factor to increasing a credit score above 800 is different types of accounts. You want to have at least one current installment account active (car loan, mortgage or unsecured loan) in addition to revolving accounts. I’ve been in the 800’s for over 20 years and that is the key. Also sock drawer your oldest credit cards and don’t close them (unless it as a AF). Age of accounts come into play which will get you from a high 700s into the 800s.

[WickedxAngel]

24 with a 750 credit score. Wanna have 800 by 26. Thank for the info tho!

[Kev-jwtv]

I grew up with a family who thinks credit is evil and only a debt chain... i have a 750 credit score, idk what to do

[mikefontaine]

My credit score is 7. They have Hitman looking for me

[Portapottypossum]

25 just cleared 6 figures gross again back to back years, bought my house in 2021 4.2% rate, I got $20k in cash and $30k in my 401k

[forrest]

778 both fico and equifax. I want 800. I’ve been stuck 778 for

[therealrobinbullock]

Some residential housing management companies check applicant's credit score.

[ammooth]

My favorite reason of course is interest rates. My 21 lease I got @ 3.8% 🤗😃😁👏

[thierryestiverne]

I wanna get it up too around 700 or 800 score though

[four.]

Am 20 with a 762 and I have no clue what to do I want to buy a home. Any advice to go about it?

[mikefontaine]

My mom had 825 credit score she tried to buy a new car and she was rejected she had the money to make the payments every month. I don't know if the car dealer was just being an or what was going on but I emailed his manager and told them they never got back to me but when someone has that kind of credit score and she's had it for a very long time, it usually means that they pay their bills on time all the time and they seen her as some kind of risk. It blows my mind.

[winsulpox]

21 yrs old with a 788 credit score. Am I an outlier? What do I do with my credit score?

[OtherKindsofMoney]

I def work hard to get a higher credit score!