5 Perks of Having a ‘Green’ CTOS Score
If your CTOS Score is in the green category, it generally means your credit health is doing great – a good to excellent CTOS Score ranges from 697 to 850. Therefore, being ‘in the green’ when it comes to your credit health makes you look good to banks and lenders.
If you’re not quite there yet with your credit health, don’t fret – you CTOS Score can gradually improve over time with the right financial and credit health practices or habits. In the meantime, you can learn more about some perks you can enjoy by having a good to excellent CTOS Score.
5 Perks of Having a ‘Green’ CTOS Score:
- Higher Chances of Loan / Credit Card Approval
Having a healthy credit score shows that you are responsible and diligent about paying your bills, which significantly lowers your risks as a borrower. Always remember; the lower your risks are, the more likely it is for banks and lenders to approve your credit applications.
- Speedier Credit Approval
The higher your credit score is, the faster banks and lenders can make a decision about approving your loan or credit application. If you have an average to low credit score, your credit application may have to go through more channels and departments to get approval – which means you’ll have to wait longer than you would have if you had a healthier credit score.
- Enjoy Better Interest Rates
Whether it’s a credit card or a loan, having a higher interest rate would mean paying more money to the bank or lender. Your credit score plays a role in determining your interest rate, so work on keeping your credit score high to enjoy a lower interest rate.
More and more banks are now looking into devising tiered interest rates based on credit scores. So, it’s better to take early steps to improve your credit score now so it’s ‘ready’ when you need it in the future.
- More Negotiating Power
With a healthier credit score, you can confidently negotiate the terms when you’re applying for a new loan or credit card. Banks and lenders can see that you’re capable of paying them back in a timely and consistent manner from your credit history, so use it as leverage to negotiate a lower interest rate or a better repayment plan.
- Get Approved for Installment Plans
Certain businesses, such as major appliances and furniture stores, will look at your credit score before approving your installment payment plan application – after all, they need to know that you can pay them before they’ll let you take their merchandise home. A good credit score may even qualify you for low-interest or interest-free installment plans, depending on the stores and their ongoing promotions.
Having a low credit score doesn’t mean you can’t shop at these stores, it just means that you’ll have to pay in full when you make your purchases instead of being able to enjoy the benefit of installment plans.
How to Find Out your Current CTOS Score
Checking your updated MyCTOS Score report will show you your current credit score (in the form of your CTOS Score). MyCTOS Score report is a comprehensive credit report that can help you understand your credit health better and help you identify the areas of your credit health that you need to work on to improve your creditworthiness.
Besides your CTOS Score, the report contains your personal details, CCRIS records, directorships, and legal action records. It’s a great way to monitor your credit health, and you can easily sign up to get your MyCTOS Score report online or through CTOS mobile app.
