A good credit history shows that an individual is trustworthy and responsible. A good credit score is earned when one uses credit wisely. With good credit record, the person will have more financial opportunities and options. It is one of the most important factors lenders consider. They provide lower interest rates and better terms to people with good credit history. And if you have a bad credit standing, the Consumer Information Bureau program can help you repair your credit score. That way you will be able to enjoy the benefits one can get from good credit score.
Some of those benefits are listed below.
Increased Credit Card Limits
An individual’s borrowing capacity is greatly increased when one has proven to be a responsible credit card holder. With a good credit score, one can request for an increase in the credit limit. There are cases in which the credit card company automatically increases the limit even if the cardholder doesn’t apply for it. It should also be noted that the ratio of available credit to used credit is one of the factors when calculating the credit score. By getting the Understand, Improve and Protect program from the Consumer Information Bureau, one’s credit score will improve, and one’s credit card limit will be increased in no time.
Lower Interest Rates on Loans and Credit Cards
Maintaining a good credit record guarantees the person qualifies for the best interest rates on loans and credit cards. Interest rate is one of the major factors in the total cost of borrowing money. More often than not, it is tied to the credit score. By repairing the credit score, Consumer Information Bureau will also indirectly help you with better rates on future loans.
Better Chance to Find an Apartment
Just like a lender, landlords also look at one’s ability to pay the rent through the credit score. The landlord might turn the person away if the credit score is too low. And more often than not, landlords ask for higher security deposit or ask for a co-signer on the lease if they take on a person with low credit score. The Consumer Information Bureau program will help improve your chances of getting that apartment.
Get Loans Faster
Lenders are able to get credit scores right away, and their decision can be made within minutes. At present, even mortgage applications are approved in hours when it took weeks in the past. A good credit score will almost certain make the lender approve the application in an instant. As you can see, credit scores are important. People with low scores should contact the Consumer Information Bureau. The company provides effective credit repair programs. Their mission is to help people improve their credit scores. That way their clients are able to enjoy the benefits of good credit rating.