Why must you need good credit score? How to have good credit score?

Why must you need good credit score? How to have good credit score?

Most of us need to have good credit score in now or in future. Maintain good credit score is important for you and good credit score can help you in the following circumstances:

• We need large amount of credit to acquire our dream home since most of us unable to fork out large amount of cash to acquire our dream home,
• Normally financial institution is willing charge lower finance charge for someone with good credit score than someone with bad credit score, this is because person with good credit score is deem as low risk borrower than someone with bad credit score. The person with good credit score is deem as least likely to default on loan,
• The bad credit score adversely affect your chance to obtain credit for auto loan. Again you need to fork out large amount of cash to purchase your car if you unable to obtain credit.
• Financial institutions may reluctant to approve your credit card application if your credit score is low. Which mean that you can only make payment with cash and missing out the benefit of interest free period offer by your credit card.
Some of the pointer for you to maintain your good credit score and avoid trap into bad credit score:
• Made full payment of your credit before due date and maintain your good reputation as good borrower, this can avoid paying late finance charge as well,
• Monitor your expenditure and avoid overspending. With the ease of credit card payment, if we do not control our urge on spending, that is danger we could take on excessive credit that beyond our financial capacity to repaid the credit on time,
• Before we consider finance large ticket purchase such as auto, electronic with credit. We need to ask ourselves whether we the purchase is necessary and can you repaid the credit. This can stop us from impulsive spending.

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Article contributed by Nelson Chen. Please visit www.newbornmillionaire for more information.