1) Is it true, that if you have good credit, you will get cheaper rates on EVERYTHING!?
That’s True! Just ask the guy that’s paying 0% APR on his auto loan. Imagine purchasing a vehicle that cost $10,000 and only paying $10,000!!
2) Is it true that having good credit, means you get more credit!?
Again, that’s true. If you pay your bills on time and keep your debts minimal, creditors will do automatic reviews of your account and increase your credit and spending limits just as a thank you for being a responsible spender. Someone making just $30k a year could have $80k in available credit with no sweat!
3) Is it true that changing having good credit today can help my old debts?
Yes, that’s true too. If you have credit cards that are nearing the max or existing home or auto loans that were established when your credit was… not so good. You have have those loans refinanced. That means creditors will look at your credit report with fresh eyes and make a new determination on what you should pay in interest in fees. To break it down for you, you can save yourself thousands in interest by having good credit.
This is truly useful, thanks.