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Its all Insurance March 31, 2022 By Budget Insurance
You hear the word ‘credit’ and immediately want to run for the hills. But did you know there’s such a thing as ‘good credit’? Here’s what you need to know.
Credit often gets a bad rap, but it’s necessary to help you reach certain milestones. Whether you’d like to buy property, take out a loan or purchase a car, you need a good credit score. Here’s everything you need to know about good credit, including tips for building it.
What is a good credit score?
Good creditis when you have a positive credit rating or score. This means that you’ve been managing your credit well (e.g. by paying off your debt consistently and on time).
Contrastingly, bad credit is when you have a negative credit score.
This may happen if:
The importance of good credit
Having a good credit score means you have a history of being a reliable borrower. Some of the great benefits of this are:
How to build a good credit score
Building good credit takes time and effort. Adopt these habits to get started:
If you have a negative credit score, you can turn things around by practising these good credit habits. And if you need extra help, take a look at your credit history and chat with a financial adviser who can give you professional assistance.
Find more tips on debt and credit, check out these blog posts:
The information in this article is for information purposes only and does not constitute professional advice.