BillionaireClubCollc
  • News
  • Notifications
  • Shop
  • Cart
  • Media
  • Advertise with Us
  • Profile
  • Groups
  • Games
  • My Story
  • Chat
  • Contact Us
home shop notifications more
Signin
  •  Profile
  •  Sign Out
Skip to content

Billionaire Club Co LLC

Believe It and You Will Achieve It

Primary Menu
  • Home
  • Politics
  • TSR
  • Anime
  • Michael Jordan vs.Lebron James
  • Crypto
  • Soccer
  • Dating
  • Airplanes
  • Forex
  • Tax
  • New Movies Coming Soon
  • Games
  • CRYPTO INSURANCE
  • Sport
  • MEMES
  • K-POP
  • AI
  • The Bahamas
  • Digital NoMad
  • Joke of the Day
  • RapVerse
  • Stocks
  • SPORTS BETTING
  • Glamour
  • Beauty
  • Travel
  • Celebrity Net Worth
  • TMZ
  • Lotto
  • COVD-19
  • Fitness
  • The Bible is REAL
  • OutDoor Activity
  • Lifestyle
  • Culture
  • Boxing
  • Food
  • LGBTQ
  • Poetry
  • Music
  • Misc
  • Open Source
  • NASA
  • Science
  • Natural & Holstict Med
  • Gardening
  • DYI
  • History
  • Art
  • Education
  • Pets
  • Aliens
  • Astrology
  • Farming and LiveStock
  • LAW
  • Fast & Furious
  • Fishing & Hunting
  • Health
  • Credit Repair
  • Grants
  • All things legal
  • Reality TV
  • Africa Today
  • China Today
  • "DUMB SHIT.."
  • CRYPTO INSURANCE

My Credit Score Is Over 780. Here Are 4 Ways It's Saved Me Money


Image source: Getty Images
I don't have a perfect credit score. The FICO scoring model tops out at a "perfect" score of 850, and the closest I've ever come to it is around 810. As of mid-2024, my score is in the upper 700s.One important thing for all American consumers to understand is that you don't need perfect credit to save money on loans, get whatever credit cards you want, and reap the other benefits of having strong credit.In fact, if you have a credit score above 780, you're generally considered to be in the top tier for all practical purposes. With that in mind, here's how my strong, but not perfect, credit score has saved me money.It made buying a home much cheaper (and easier)To be sure, mortgage rates have risen quite a bit since I obtained a mortgage on my home (we refinanced in late 2020). However, a good credit score makes a big difference.The average mortgage rate in the United States when I refinanced was about 3.5%, and I was able to get a rate of 3.375%. This might not sound like a big deal, but this seemingly small difference saves my family $336 per year on interest (or more than $10,000 over the 30-year term).It lets me take advantage of the best credit card offersHere at The Ascent, we keep a close eye on the credit card industry and know when a great credit card offer pops onto the market. Maybe there's a lucrative cash back offer after spending a certain amount, or maybe applicants can earn a high number of frequent flyer miles for getting a new card.The top credit card offers are typically only available to consumers whose credit is significantly above average. So, by having a high credit score, I never have to worry about getting approved if I apply to take advantage of an offer.Promotional financing on auto loansThe "0% financing" deals on auto loans have started to make a comeback after a few years where they became very difficult to find. But it isn't uncommon for vehicle manufacturers to offer no-interest financing on new vehicles, as well as great lease deals, especially as we get towards the end of the model year.However, these offers typically require the customer to fall into an upper credit tier. For example, Nissan is currently offering 0.0% APR financing for 36 months on certain vehicles, but the offer clearly states that it's "For Well-Qualified Buyers who finance with NMAC."The last time I bought a vehicle was 2018, but when I did, I was able to take advantage of a promotional financing deal. This ensured that nearly all the money I paid was going to pay down the principal.Cheaper insuranceThere is some debate over whether auto insurers should consider credit scores of applicants, but the reality is that numerous studies have found a clear correlation between a consumer's credit score and the likelihood that the insurance company will have to pay for a claim. In other words, higher-score customers represent a lower risk to the insurer.Therefore, insurance companies incorporate credit scores into their pricing models. One study found that drivers with average credit pay about 26% more than drivers with excellent credit.To be fair, I have no way to know exactly how much my insurance would be if my credit score were lower. But both my wife and I have scores well into the "excellent" range, and our premiums are significantly lower than the average person in our state pays.Just a few examplesThis isn't an exhaustive list of the benefits of having good credit. There are other ways that I've saved money over the years because of it. And it's also worth noting that it isn't just about saving money -- there's a certain peace of mind that comes with not needing to worry if I'll be approved for a loan when I'm sitting in a car dealership or when I fill out an auto insurance application.Alert: highest cash back card we've seen now has 0% intro APR until nearly 2026
This credit card is not just good – it's so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!

Source link

Share
What's your thought on the article, write a comment
0 Comments
×

Sign In to perform this Activity

Sign in
×

Account Frozen

Your account is frozen. You can still view content but cannot interact with it.

Please go to your settings to update your account status.

Open Profile Settings

Ads

  • Original Billionaire128 Fanny Pack

    $ 35.00
  • Original Billionaire128 iPhone Case

    $ 15.50
  • Original Billionaire128 Basic Pillow

    $ 26.50
  • News Social

    • Facebook
    • Twitter
    • Facebook
    • Twitter
    Copyright © 2024 Billionaire Club Co LLC. All rights reserved