John Jellinek | The Value of Good Credit
When it comes to getting a car loan or a mortgage, banks look at a person’s credit history before extending the needed funds. The FICO credit scores that banks tend to look into range from 300 to 850. The higher a person’s credit score, the more likely they are to get a loan. While the ability to get a loan is one reason to work on securing a good credit score, there are many others.
Flexibility
The ability to get a loan is huge in a crisis. If you have an emergency with no cash on hand, a loan can help you weather the storm. A high credit score will make it more likely that you’ll be able to access a loan when you need it. The inability to get a loan will limit the amount of financial flexibility you’ll have in a pinch.
