What are the benefits of a Good Credit Score?

A Credit Score is normally the first thing that a Lender checks when you apply for a loan. In case the Credit Score is low, the application may be rejected at initial level only. A Good Credit Score leads to Eligibility check basis financial and other document/details submitted by you. Lenders prefer applicants with good credit score as they show positive track record of repayments and financial discipline.

The benefits of a Good Credit Score are:

• Low interest rates: Individuals with a good credit score can secure loans with a good rate of interest. A high interest rate loan can pinch your pocket and become a burdensome in the long run.
• High chances of loans/credit card approval: A good credit score adds to the Credit Evaluation process followed by Banks.
• Higher limits on credit cards: The good credit score can make you eligible for higher credit card limits. Higher limits can help keep your credit utilization ratio low and thus improve your score further.
  

Better Deals: With a good credit score, you may negotiate with Lenders and get the best deal possible.