Credit Score Benefits (Start Doing This)

have you been working on your business or side hustle and thought oh so many ways that you can do better well in this video I'm gonna talk about five ways that your life can improve from having good credit and how your business or side hustle can actually benefit from it so here in this channel I talk about side hustles passive income life and so much more so be sure to subscribe to my channel and hit that bell so that way you can get notified when I post a new video every week hey fab fam it's Angie with Fab and focused now when you love what you do and you're the one in control there's no limit to what you can achieve well maybe there's just one limit your credit limit yeah we went there and in some cases low credit limits or even worse low credit scores can actually stop your side hustle right in its track and growth is what you need to sustain and push your business forward now let me just say that growth is not free it definitely cost to be a boss unfortunately I learned this the hard way Back when I was a lot younger than what I am obviously I used to think that credit cards were actually magic cards and I never really thought of the fact that I had to pay it back I used to buy my school supplies put gas in my car I mean everything with these credit cards and at the time I didn't realize how crucial it was to have good credit I ended up maxing about eight credit cards by the time I was 17 going on 18 almost and I know what you're probably thinking I was so naive in yup I agree with you but luckily I was able to do something about it early on and I paid off all of my credit cards and in return I got really good credit and now it's time for me to pass on my knowledge to you now let's talk about the five benefits of having a good credit score especially when you have a business or sign up number one it's easier to get things with good credit now paying off debt or collections maintaining your car balance is really low and paying on time are the main ways that you can raise your credit score and it can take some time to get there but when you do everything gets so much easier for you a higher credit score shows that you're responsible with your bills which means that you're gonna get approved way more often for credit cards and also get higher amounts and not only that you can even get credit in the name of your business and then begin to separate your business and personal finances which is what I do just be careful with this though because you don't want to spread yourself too thin and get into a lot of debt because that can actually reduce your credit and we benefit number two is that with good credit things are cheaper now if you have a low credit score and you go to prove typically the interest rate is extremely high and I'm talking about the highest amount that they are legally allowed to charge you now I personally believe in not paying any interest by paying off your credit cards in full every month however business growth doesn't always move quick enough to allow you to pay it back right away and in these cases you're gonna have to go with the flow a little bit and just pay some interest with a higher credit score that flow won't kill the profits in your side hustle since the interest is so much cheaper than it would be with a low score in addition to interest rates being lower with a higher credit score you won't have to pay so many security deposits for utilities cell phones and other services this can actually be a big factor especially with a new business or a growing side hustle security deposits can be hundreds of dollars due in full and that can really put a damper in your plans so please avoid this if you can now comment below and tell me when or even how you realize that credit was so important now moving on to benefit number three you get better car insurance rates it's not just based on your driving history and quite honestly low car insurance rates should be on top of everyone's list but specifically for people using platforms like uber, lyft, postmates, etc

You're gonna want to save as much money as possible here your car insurance rates are tied directly to your profit margin and the lower the payment the more money you get to keep and for most people car insurance is just one of those monthly payments that you just can't go without trust me I know the struggle so benefit number four is that it's easier to rent an apartment now I made a video about budgeting for an apartment I'll add that link somewhere here and in the description below so go check that out after this video but basically with good credit not only are you able to buy a house more easily but you're also able to rent easier as a matter of fact certain places actually require you to have a minimum credit score in order to get approved so it all comes down to responsibility so typically the person screening the renters will want to give the lease to the person with the higher credit score because it shows that they can pay and in most cases you won't have to pay a security deposit just like I mentioned earlier anything that makes moving less painful is a benefit in my book and last but not least is benefit number 5 which is having the ability to negotiate with vendors now you know how I feel about starting a business with no debt and with no loans but if you do decide to get a loan then your credit can actually help you here with a higher credit score you can get business and lines of credit so that way you're able to order more products at a time from your vendor and the more products you order the more your vendor wants to keep you happy see how that works and not only that you may even be able to get credit directly from your vendor which is interest-free a lot of the times so that way you can order more products getting credit from a vendor takes a lot of trust on their end and one of the things that they take into consideration is your credit just to know that vendor credit can grow your business big time so you're gonna want to be ready when an opportunity like this arrives and there you have it those are my top five benefits from having good credit score and in case you didn't know I am all about improving side hustles which in turn will improve your life so get fat and focus on your credit that way you can take advantage of all these benefits and start living the good life now if you need motivation or want more tips and tricks on how to grow your side hustle then I invite you to join my exclusive group called Club fab and focus where you're gonna meet like-minded people who are starting their business or site hustle you'll get encouragement from me and your fab fam the link to join is in the description below if you like this video please let me know by liking it below subscribing and also sharing it with your friends until next time