Even though your salary isn't included in your credit history, items such as your payment history and use of available credit are. And, while these may not be on the top of your list of financial priorities since they don't show an immediate financial gain, if you work at them long enough, they can result in more money in your pocket.
Here are a few of the financial benefits that can come from having a good credit score:
• Help you get a new job. If you aren't yet employed, are in between jobs, or are looking to start down a new career path; having a good credit score can impress your potential employer. In a previous blog post, we talked about how many Americans were required to go through a credit check when applying for a job. Thus, it’s very important to keep tabs on your credit scores!
• Lower your interest rates. One of the many reasons why lenders check your credit scores is to not only determine loan eligibility and amounts, but also your interest rate. By having a higher credit score, you may qualify for a lower interest rate, which can result in significant savings over the life of the loan.
• Better insurance policies. A higher credit score indicates that you are a lower insurance risk. Therefore insurance companies may oftentimes look at your credit history to see your previous repayment history before setting the terms of your insurance policy.
At PrivacyGuard.com, you can sign up for daily credit monitoring that will give you access to your three credit reports and scores. Try to make sure your two labors of love, your job and your credit score, are providing you with the most financial benefit possible this Labor Day weekend.