Most lenders offer superior terms, including lower interest rates, for having good credit. Good credit demonstrates that you have handled past borrowing responsibly. At Visio Lending, borrowers with a credit score of greater than 740 get our best rates and most favorable terms. We have several tips to help our borrowers improve their credit. Beyond low interest rates, good credit can also help you:
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Obtain insurance at a lower rate.
According to the National Association of Insurance Commissioners, credit affects how much you pay for insurance. Insurers use credit-based insurance scores to determine your premium. -
Open a checking account.
When you apply for a checking account, banks will likely pull credit before agreeing to work with you. -
Establish utility services in your name.
Many utility providers, such as electric, gas, phone, water, or cable, will waive cash deposits for people with good credit. -
Get a cell phone contract.
If you have poor credit, you may be stuck with a pay-as-you-go cell phone plan, since most cell phone companies pull credit before offering you a contract.
Want more reasons to improve your credit score? Visit The Balance. Ready to start improving your score?Visit our "Credit Score" page.
Related: 3 Ways to Improve Your Credit Score, Understanding Your Credit Score
