The benefits of being diligent in cleaning out your debt are great; a high credit score means you can get the best terms in your financial dealings.
Some of the benefits of having a clean credit record include the following.
Affordable mortgage and refinancing rates
A clean credit report helps you get a more affordable rate for home loans; with a high credit score,
lenders see you as a responsible borrower and will even give you some extra borrowing power because they see you as an ideal customer.
Because your credit score shows that you are a responsible spender, your credit card company will easily increase your credit limits when you request it, and this will give you some extra points on your credit score.
Greater negotiating power
Applications for personal and mortgage loans are usually much smoother when you have an impressive credit score. Financial institutions let you have greater negotiating power, get low-interest rates and other options that’ll make your borrowing process seamless.