Why Your Credit Score is Important to Know
Why Your Credit Score is Important to Know
Posted on January 27, 2021
If someone asked you what your credit score is, would you know the answer? Although the number may seem irrelevant to you now, Nexcar Auto Sales & Leasing wants to highlight to you its importance and why you should know where you sit with your credit at all times.
Improving the Score
It's important to know your credit score in order to improve it. A helpful tip is to check your score often so you can see the fluctuation in numbers and understand why it is going up or down. Often a late payment on a bill will cause your score to lower while paying your bills regularly will increase it. The most important part of checking your credit score is so that you are able to prevent identity theft or fraud that is happening under your name.
Financing Options
If you are applying for a loan, let's say an auto loan, having a better credit score can bring many more benefits to the table. A better score can result in lower interest rates, quicker loan approvals, and higher loan amounts. If you have a lower score, it could result in straight denials, lower approved loan amounts, and higher interest rates. It's important to know your score and improve it in order to secure the best terms that are possible.
Credit Card Rewards
Did you know that a better credit score can bring you greater rewards? If you have a high credit score (which is good) you may be eligible to secure a credit card with 0% introductory APR fee and overall more lucrative card incentives. As well, a higher score can result in a higher cashback on purchases or more miles per dollar spent. The rewards of a high credit score are worth it.
Become a Better Job Applicant
Yes, you are able to land a better job if you have a better credit score. Think of it like this, a high credit score resembles a responsible and trustworthy worker who is able to pay all their bills on time and are organized enough to follow through every month. Companies tend to value these types of job applicants and reward them with better positions. Remember that you should check your credit score before applying to a new job so you have a chance to improve it where needed.
Pay Attention to Your Credit Score
Nexcar Auto Sales & Leasing wants to see you achieve your best with a great credit score. That's why our team always recommends checking your credit score once every six months in order to be aware of all fluctuations. If you need help improving your score or securing an auto loan, our Toronto car dealership is here to help. Give us a call at (877) 245-9997 today for more information.