Last updated on March 5th, 2025 at 02:28 pm
Your GOOD CREDIT can open the door to so much more than just a shiny new car and a big beautiful home.
Absolutely your Good Credit can give you access to a very low interest rate, commonly known as a Prime Rate, but your GOOD CREDIT can also help you to improve the quality of your life in so many other ways.
First of all, a GOOD CREDIT SCORE is any credit score above 740.
Banks, Auto Finance Companies, Mortgage Lenders, and Credit Card Companies, they all want to lend money and extend credit to Good People with Good Credit, that’s just the way it is.
Of course, a GOOD CREDIT REPORT is not all that you need to get your credit approved, other factors such as your place of employment, length of employment, how many other creditors you have, credit balances, and a few other factors are to be considered, but having a Good Credit Report is a heck of a good start.
A GOOD CREDIT REPORT provides great assurance to a Creditor and to a Lender, and it gives them the confidence that YOU are a creditworthy person, a person who has demonstrated good money management skills, and also a person who has proven to have the discipline to pay their bills on time, and most likely, will continue to do so in the future.
It really is that simple.
Your GOOD CREDIT puts you in a very strong position and gives you the advantage to control the negotiation process when dealing with Auto Finance Departments and Mortgage Lenders.
These Lenders will be forced to compete for your business, leaving you in a strong position to command, not only the best price, but also the best interest rate.
But it does not end there.
Your Good Credit may also qualify you for:
Premium Credit Cards that offer excellent rewards and cash-back-incentives, giving you the opportunity to receive huge discounts on a variety of products and services.
Credit Cards that offer A ZERO-PERCENT-INTEREST Rate can be an excellent source for ‘reserve money’ which can help you to pay for an unexpected event, or in case of an emergency, giving you the opportunity to leave your cash untouched in your Money Market Account allowing that cash to grow and work for you by continuing to earn positive interest. Also, with a ZERO-PERCENT-INTEREST credit card you are in a strong position to take advantage of many great business growth opportunities.
Cell Phones and Smartphones have become a necessity for us to function in our everyday life and also to run our business, but cell phones can cost as much as a weekend getaway.
With your GOOD CREDIT you may be able to walk out of the store with the latest cell phone and still afford to take that well deserved weekend getaway, and better still, you may even qualify for ZERO-INTEREST-FINANCING.
Rent an Apartment with LOW to ZERO Deposit: Landlords want to do business with qualified and creditworthy people too. With your GOOD CREDIT you may be able to get the keys to a great apartment in a great neighborhood that is safe and secure, and you may be required to submit a very minimal security deposit or a security deposit that is very close to ZERO, and most likely, there will be no need for a Co-Signer.
Auto/Home Insurance: Insurance providers use what is known as credit-based insurance scores, which takes into account your entire credit report and your credit score, among a few other factors.
National studies have shown that people with bad credit and low credit scores are more likely to file an insurance claim and are at a high risk to miss an insurance premium payment.
Now, your particular state may prohibit an insurance company from denying a person insurance coverage, but the insurance company is not required to give you ‘affordable’ insurance coverage. Meaning that if you have BAD CREDIT you may end up paying very high insurance premiums, either on your vehicle insurance, home insurance, or property insurance for your apartment.
Sometimes, bad credit may cause insurance premiums to go up by as much as 50% compared to someone with Good Credit.
ZERO Utility Deposits: We all need power and water in our living space, and if you have BAD CREDIT, the utility company may require a security deposit from you BEFORE you move into your new home or apartment, or you may have the option of having a friend or a relative to serve as a Co-Signor, and they may be required to submit a ‘Letter of Guarantee’ which makes them responsible for payment of the utility bill in the event that you become delinquent.
THIS NEXT ONE IS A BIG DEAL!
Employment/Promotion: You may be thinking that the job you are applying for, or the job that you currently hold, ‘DOES NOT REQUIRE’ a GOOD CREDIT REPORT, and this may be true.
But imagine this…
Let’s say that you are working for a company and your income is about $50k per year. Not too bad.
But then, one day, a position becomes available within the company, and your supervisor or your manager feels that you would be perfect for the position.
The new position comes with a salary of over $75,000 thousand dollars per year.
So, your manager recommends you for the position and submits your name to upper-management, but before they can make you any offer, it is required that they run a background check on all applicants, which includes requesting your credit report.
Now, under federal law, employers must inform any potential employee BEFORE requesting their credit report, but, most employees sign a consent form as part of the ‘On-Boarding’ process, so your employer may already have your consent to request your credit report on file.
Now, if your background check reveals that you have bad credit, you run the risk of being disqualified for the position, and you may never know that you were ever considered for a promotion.
This would be absolutely devastating to a person’s career!
To miss out on not only the promotion, but also to miss out on the opportunity to earn $75,000 thousand dollars OR MORE per year.
Opportunities like the examples listed above happen every day, and if you are not prepared to take advantage of these type of opportunities with your GOOD CREDIT, you may be costing yourself an enormous amount in personal growth income.
BAD CREDIT can have a devastating effect on many parts of our lives, so we should all do all that we can to build and maintain our GOOD CREDIT.
If you are ready to improve your credit and take control of your financial life, check out our FREE Ultimate Credit Repair Guide and sign up for our FREE Credit Repair Tool at CreditUpDIY.