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5 reasons to have a good credit score

A good credit score can get you numerous benefits, including perks and savings as well as access to loans and credit cards with the best terms. Here are 5 reasons you’ll want to have a good credit score:

1. Higher chances of loan / credit card approval.

Having a healthy credit score shows that you are responsible and diligent about paying your bills, so banks and lenders will be less likely to reject your applications.

2. Save money on interest rates.

Your credit score plays a role in determining your interest rate, so work on keeping your credit score high to enjoy lower rates.

3. Access to better credit card deals.

The best credit cards that come with attractive perks such as zero annual fees, low interest rates, high rewards and cashback don’t just require a high income – you’ll also need a high credit score to qualify for them.

4. Better negotiating power.

A good credit score shows banks and lenders that you’re capable of paying them back in a timely and consistent manner, so use it as a leverage to negotiate a lower interest rate or a better repayment plan.

5. Get higher credit limits.

One of the major perks of having a healthy credit score is that it’s easier for a bank or a lender to trust you with a higher credit limit. A healthy credit score can speak volumes about your ability to repay your bills on time. So, you can use it to your advantage on those occasions when you need a one-time or a permanent credit limit increase. Check your latest MyCTOS Score report today to increase your chances of loan approval and fix any credit issues early, such as a low credit score or missed payments.
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