Here are three additional reasons:
- Maintaining a high score reinforces good payment habits. This includes paying utility bills on time, using only the credit you need, keeping your credit card balances low, paying off credit card balances monthly, and not bouncing checks.
- Superior credit scores motivate creditors and service providers to treat you better. Lenders offer strong borrowers lower interest rates. High credit scores can also improve your chances for buying various kinds of insurance at lower costs.
- It’s easier to maintain a high score than it is to rebuild a damaged score. Rebuilding a bad score takes time, and requires you to argue your case with credit reporting agencies and individual creditors.