Some benefits of a good credit score are you will qualify for favorable interest rates, and you will have the ability to pay lesser financing charges on loan balances and credit card balances.
What is a good credit score?Generally, According to McClary, "A high credit score indicates that you will most probably qualify for the lowest interest rates; fees for new loans and lines of credit."
If your credit score is high, you will have a better chance of receiving these benefits. You might save up to one percent on interest if you apply for a mortgage, which is another advantage.
It is more likely that you will be eligible for favorable interest rates, and you will be able to pay reduced financing costs on loan balances and credit card balances if you are approved for these rates.
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