A good credit score can help you save money on the long run. Here are some benefits

1) Better apartment rental promotions

According to Experian, a credit score of 620 is usually the minimum credit score you need to qualify for an apartment. However, some landlords and property managers are stricter than others. If your credit score is 700 or above, the application process is likely to be easier as your good score can help you stand out from potential clients. Having good credit when applying for an apartment can also save you from finding a co-signer or a guarantor, as some landlords require, when a potential renter has less than good credit.

2) Better credit card rewards

It’s no secret that the best rewards credit cards require at least a good credit rating. There are other benefits other than rewards. Some higher-ranking credit cardholders can receive special invitations to exclusive events, free access to online streaming services, and even free gifts. Cardholders can earn extra points on restaurants (including takeout and delivery and purchases from Uber Eats) and grocery stores in the US (up to $25,000 per calendar year on purchases) and additional points on flights booked directly with airlines or on it’s respective credit card companies, earn extra points on all other purchases (conditions apply).

3) Better rates on mortgage and/or loans

If you ever want to get a car loan, renovate your home, or start a business, good credit for lower interest rates qualifies you for almost any type of personal loan. You’re probably getting the lowest interest rates and fees on new loans and lines of credit. And if you apply for a mortgage, you can save more than 1% on interest. This could mean you save at least $200 a month over the lifetime of 30 years of a $300,000 home. It offers low interest rates for people with good credit ratings and arranges loans for almost any purpose. There are also no origination fees, administration fees or prepayment penalties.