Your credit score can be a major determining factor for many of your financial situations. Having a high credit score can mean access to lower mortgage rates, monthly insurance premiums, credit card qualifications, and so much more. It is very important to understand the benefits of a thriving credit score so you can make the most of your financial circumstances.
When your credit score reaches the “Good” or “Excellent” range, you’re likely to reap the benefits of the best rates in any industry. For example, if you’re looking to lower your monthly car payment, you will likely be assessed based on your credit score. The better your score, the more likely you are to score a better deal. In the long run, this can save you thousands.
Much like any lender, your high credit score matters when it comes to renting a home or apartment and even more so when applying for a mortgage loan. Both landlords and lenders have a common interest, which is to work with a trustworthy and dependable candidate. In order to do so, they need to rest assured knowing you are responsible with your finances. You can even get approved to pay less for security deposits.
Even a modest improvement on your credit score can mean lower interest rates and less money spent over the life of your loans. However, working toward an “Excellent” credit score is no easy task if you’ve had multiple financial hardships in the past and are in the lower ranges. It might make more sense to boost your credit score before even applying for a loan or an apartment.
Being diligent about paying bills on time, taking a realistic approach when making purchases, and sticking to a budget will really make a difference.
Although getting loans with no credit score is possible, you will have many more money-saving options if you take the necessary steps to ensure your score is on the rise.
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.
“I’ve had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership.”
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 365482
948 Garnet Ave
San Diego, California 92109
Phone: (858) 605-0952