The Importance of Knowing Your Credit Score

the-importance-of-knowing-your-credit-score

If you had to write down your credit score, would you know the number? Your credit has a big impact on your life, which is why you should know your score. Good Fellow’s Auto Wholesalers has put together a list of reasons why you should know your credit score.

Better Financing Options

The most important reason to know your FICO assessment score is because of its effect on your ability to secure a loan. Knowing your score will save you time and effort before placing an auto loan application, and it can even help you secure better terms. A better score will result in lower interest rates, higher loan amounts, and much quicker approval. Lower scores may result in denials, higher interest rates, and lower approved loan amounts.

Better Credit Card Rewards

Consumers with higher credit scores tend to be offered lower interest rates on their credit card loans. Many high credit consumers can secure credit cards with a 0% introductory APR fee, and in many cases, more lucrative credit card incentives. This can include attractive offers such as higher cashback on purchases or even more miles per dollar spent.

Land a Better Job

It may seem strange, but your credit can affect the type of position you are offered in a new workplace. A good credit score is the sign of a responsible worker, and companies tend to reward such applicants with better positions. While a poor score may be a result of a temporary circumstance, it is a good idea to check your score before applying for a new job.

Track Your Progress

Your credit score changes regularly. Every time you pay a bill or when you are late on a payment, your actions affect your numbers. Keeping up with your bills will allow you to track your progress over time. Watching your score can also help you prevent identity theft or any other type of fraud in your name.

Better Car Insurance Rates

Your credit score affects the insurance rates you are offered for your car. If you own a home, it even affects those rates. Healthier scores allow you to save thousands of dollars in financing costs, insurance premiums, and even deductibles. Consumers with lower scores are routinely asked to pay a higher cost for their insurance, car loans, and many other credit-based expenses.

The Importance of a Good Score

A good credit score and a great credit score won’t offer much difference when it comes to consumer loans. On the other hand, there are very noticeable differences between a poor score and an average score. The cost of loans, the amount you have to pay for premiums, and even your interest rates will all decrease as your score improves.

Good Fellow’s Auto Wholesalers suggest checking your score at least once every six months if you have made major changes, or if you plan to make a large purchase on credit in the near future. If you need help improving your score or securing a loan, we can help. Give us a call at 1 (855) 581-9590 to find out more about our auto financing services.

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