The perks of excellent credit -

The perks of excellent credit

We talk a lot about how to improve credit scores. But today, we're going to talk about the power of a great credit score.

If your score is at the very top - and we're talking about a 750 or higher out of a possible 850 on FICO's scale - then you're eligible for some good stuff. Only about a third of Americans ever reach that level, so it's a big deal. Among the perks - you're likely eligible for the lowest rates on a home or car loan.

But credit card companies will also be climbing over each other to get your business. The average credit card now comes with a variable interest rate of about 14.5%. If you're in that FICO "elite" group, you could get one for half that. There are even some cards - Citi Platinum "Select" Mastercard for one - that offer 0% interest for a certain period of time.

A high score can also make you eligible for some great rewards cards. One of them, the Pentagon Federal Credit Union's VISA Platinum "Cashback Rewards" pays 5% on gas, and 1% on everything else. Now, you have to be in the military or join the National Military Family Association, but anyone can do that for $20.

A great score also gives you a real wedge for negotiating with your lender. If you're sitting on an 800 score, you can call and tell them you've been offered a better deal elsewhere, and see if they'll match - or beat - the terms.

Copyright 2011 America Now. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Exclusive: Photos from Inside Anthony Sowell's Home

    Inside Look: Exclusives Photos Paint Disturbing Scene Inside Home of Anthony Sowell

    Saturday, May 1 2010 11:19 AM EDT2010-05-01 16:19:26 GMT
    GRAPHIC PICTURES: CLEVELAND, OH (WOIO) - It was one of the most gruesome sights in Cleveland crime history.
  • Six deadly foods for dogs

    Six deadly foods for dogs

    Every pet owner knows a dog can get into just about anything around the house. One woman found that out the hard way when her dog ate a bunch of grapes! Turns out, that's one of the most dangerous foods
    Every pet owner knows a dog can get into just about anything around the house. But these common snacks could be fatal for Fido.
  • Physicians warn against giving melatonin to children

    Physicians warn against giving melatonin to children

    Parents desperate to get their troubled sleepers to bed are turning to synthetic melatonin, which is a supplement sold over the counter. But expert warn it could have adverse effects on child development.
    Many adults turn to sleep aids like melatonin, but now more parents are giving them to their kids, too. We talked to physicians to see what they had to say about how it could affect your child's development.
Powered by WorldNow