Earlier in our credit score series, we talked about why your credit score matters and how to raise it. Now once you’ve reached your credit score goal, how can you use it to your advantage?
Ask for a Better Deal
In particular, any credit cards that you opened when your credit score was lower may now be eligible for a better interest rate. Reach out to your financial institution, ask them to take a look at your new and improved circumstances, and you could walk away with a better deal on your existing cards!Refinance Away
For purchases made with a less-than-ideal interest rate, remember that you always have the option to refinance. A higher credit score could mean you’re qualified for a lower loan interest rate on your car, home, ATV, etc. – so don’t be afraid to shop around for that opportunity! You’ve earned the cost-savings through hard and honest work on your credit score, after all.
Keep Paying Attention
As with any accomplishment, you need to stay attentive in order to maintain the reward. Keep checking your credit score for unusual items, keep paying your bills on time, and keep looking for new ways to improve. The more you grow and monitor your score, the more money you’ll save by avoiding fees, high interest rates, fraudulent activity and more.