How much longer the COVID-19 pandemic drags on might be entirely out of your control, but one thing you can influence is how good you look on paper when that end eventually comes.
No matter where you might be starting from today, improving your credit to make your post-pandemic life easier is a great goal for anyone to work towards over the next few months.
Let’s take a closer look at four ways those improvements to your credit could become a massive benefit once the pandemic is officially behind us!
Low Mortgage Rates
The pandemic is one of many factors that impact interest rates, and each of those factors is coming together to produce some of the lowest rates for 30-year home mortgages that we have ever seen.
Even if interest rates come up a bit as the economy recovers and reopens, there is no doubt that people will be able to get incredible rates for home purchases, as well as refinancing, for years to come. And having excellent credit is the first step towards locking in one of those killer rates for yourself.
Interest-Free Home Upgrades
Another benefit of having excellent credit is the ability to finance just about any major home upgrade you are considering. These upgrades can range from some new furniture up to serious renovation projects.
After spending so much time stuck in your home over the past 18 months, there is no doubt something you have been thinking about upgrading!
Almost everyone selling home furniture or appliances today is offering them with zero-interest financing specials, and having good credit will mean you easily qualify for any deal you happen to find.
Fast & Easy Vehicle Financing
In addition to buying and furnishing your home, your favorite car dealership is another place that has excellent credit is always a big help. People who walk into dealers knowing they can get the loan or lease they need have way more negotiating power and often get better terms.
Whether you are buying new or used, and regardless of the price range, having good credit always puts you in a stronger place for any vehicle purchase you might want to consider.
Credit Card Rewards Bonuses
Having a solid credit score will also help you qualify for new credit cards and take advantage of some of their ridiculous new signup incentives. There’s never been a better time to start collecting travel rewards, and having good credit will make the process of getting started much more straightforward.
Being able to sleep at night and relax throughout the day is probably the best thing about having a good credit score, but these four benefits can make life even better if you are ready to take advantage of them. So as we move on from pandemic life and into whatever comes next, make sure that you are keeping your credit in good shape to capitalize!
And when that end does come, don’t forget to maximize your returns on all of the effort by actually putting that credit to work for you!
