So you are interested in improving your life through a healthier lifestyle? While eating better and getting ample exercise can be beneficial to your overall health, ensuring that you are also financially is key to enjoying the benefits of a holistically-healthy life! Bad financial situations can lead to stress and anxiety – which will stop you from ever reaching your personal health goals.
One of the first places to start reclaiming your financial health is your credit score. A combination of your financial history and behavior, your credit score is used by a variety of sources – including lenders and banks – to allow you access to loans, credit cards, and potentially a home to live in!
While bad credit isn’t the end of the world, not keeping your score high may hurt you in the long run. If you want to get rid of the fear that bad credit brings to your life, the best place to start is with some education on the benefits of a good credit score. Here are 6 reasons that a good credit score can keep your life on the track to health and wellness.
Good Credit Reduces Your Interest Rates
High interest rates can be the bane of your financial existence. The higher they are, the more interest you will accrue on credit cards and loans each month. If your interest rates are too high, you will find yourself paying far more than what you should for your original purchase.
High credit scores reduce the overall interest rate you will receive from lenders. The higher your score, the more likely your lender or bank will believe that you are good on your word to pay back a loan – and the less they will try to pull from you in interest.
Good Credit Increases Your Chance To Get a Loan or Credit Line
While you want to decrease your interest rate, you will want to increase the chance that you will receive a loan in the first place! The higher your credit score, the more likely banks and lenders will offer you a loan with a reasonable rate. Low credit is a sign that you aren’t financially responsible – which will cause lenders to avoid lending you any money of any form.
Good Credit Allows You To Spend More
Are you looking to make a large purchase, and need some space to pay back the bill over time? The higher your credit score, the more likely you will be allowed to raise your spending limit on lines of credit. As you prove to your lender or bank that you are a financially healthy individual, they will give you more money to work with – which can help you make those big life purchases you are planning for. Keep your credit high to ensure you have the space to spend more.
Good Credit Makes Housing Easier To Access
Are you looking to get out of your parent’s house and set out on your own? If you have low credit, you will likely have trouble convincing landlords and lenders to give you access to housing.
Not only will bad credit keep you from achieving the home loan you need to purchase a house, but many landlords are requiring credit checks for tenants to rent or lease property. If your credit is damaged, make sure you invest in credit improvement to access the housing you want to take that next step in life.
Good Credit Gives You Great Car Insurance Rates
Not only does good credit give you access to a variety of financial benefits, but your credit can also directly impact your car insurance rates. The higher your credit, the lower your rates may be – which can save you money and headache in the long run! As more and more insurance companies use credit scores as a way to apply rates to customers, you will want to ensure that your credit is in good standing when applying for car insurance.
Get On The Path To Good Credit With A Credit Improvement Program
As you can see, having good credit can help you increase your financial situation – and your overall health. So what can you do if your credit is already a mess? Like any aspect of your health, the path to a better life lies in a program focused on daily steps toward real results.
There are many great resources on the market today that will help guide you toward taking the steps to increase your credit score. Keep paying off debts on-time, and never carry more credit card debt than you need. You can also take advantage of professional credit improvement programs that will search through your credit history to find places where you can easily raise your score quickly! Programs such as the Credit Assistance Network can help you take the fight back to creditors to ensure that your score is in the best shape it can be.
The lower your debts-to-income ratio, the higher your credit score will rise – and the sooner you will be enjoying the myriad of health benefits that come from a great credit score!