Why Is It Important to Have Good Credit?

Money Tip: Ever heard of the saying “Cash Is King”? I definitely agree but if cash is king then credit is queen so just like in the game of chess protect your king (cash) with the use of your queen (good credit)!

why you need good credit

In the game of chess the king is the most important piece, but it is one of the weakest. However, the queen is the most powerful piece, therefore she protects the king at all costs. It is important to have good credit because an individual who has good credit can use credit to save their cash. With good credit, you will qualify for better mortgage interest rates, lower deposits, better credit card offers, insurance rates and more. These little savings will add up and will eventually save you a lot of money over time.

A few ways to have and maintain good credit are:

  • ALWAYS Pay your bills on time
  • Don’t forget about old cell phone, medical & cable bills because if they’re not paid in full, they usually show up on your credit.
  • Don’t open unnecessary accounts in your name.
  • Never co-sign (unless you have the money to pay for it just in case that person falls behind on their payments).
  • Only buy what you can afford.
  • Live below your means.

I hope these tips have helped you. If you have any additional tips to include, please leave feedback in the below comments! We appreciate every visitor at Lovely Sharice!