A high credit score can be a money-saver, here's why

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A high credit score can be a money-saver, here's why

Defaulting on payments, applying for credit to multiple lenders within a short span of time, spending more than 50%-60% of your credit limit regularly, brings your credit score down.

How would you determine your financial health? There are various factors that indicate your financial fitness, some obvious ones are the amount of savings, current bank balance, assets etc, others are a little complex like a financial portfolio, investments for life goals. However, a crucial facet, which is often ignored, is your credit score.

Your credit score, simply put, is your ability to borrow money from financial institutions that can help you meet life goals like buying a home, a car, meeting your child’s educational aspirations, expanding your business or bail you out in financial emergencies like a medical exigency of a loved one.

On the other hand, defaulting on payments, applying for credit to multiple lenders within a short span of time, spending more than 50%-60% of your credit limit regularly, brings your score down. Now for the lender, Source-www.moneycontrol.comthis credit score indicates the risk associated with you, when he is processing your loan application.

If you have a high credit score, then you would be eligible for more and better credit cards. These cards can endow you with higher rewards on your spends, through benefits like air miles/reward points, cash back, discounts etc, helping you save significant amounts over the long run if used smartly. To make the most of the benefits of a credit card, choose one that offers rewards that suit your lifestyle or spending pattern. For example, frequent travelers can avail free complimentary air tickets or use their air miles/reward points to purchase flight tickets at a discounted price.

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