A lot of things ride on your credit score — everything from how much an insurance premium will cost to whether or not you get approved to borrow a loan. If you have a credit score of 670, you’re doing good (literally, that’s how FICO defines it).
The question is, now what?
There are a lot of things you can take advantage of now that you have a good credit score. Here’s where to start…
1. First, Stop What You Are Doing And Double Check Your Credit Score
You might think you have a good credit score, but you should definitely double check it to make sure.
A great way to get a full picture of your credit score is by going to Credit Karma — its a service that lets you check your credit score for free anytime, anywhere without hurting it.
Credit Karma is basically a life coach for your credit. Sign up and along with the break down of your credit score, you’ll get recommendations on how to improve your score and how best to use your credit, as well as access to your credit reports and notifications if it changes.
With so much riding on your credit score, you definitely want to get whatever help you can to maintain and even raise your score.
2. Use Your Good Credit Score To Pay Less In Credit Card Interest
For anyone struggling to get out of credit card debt, you know that the high-interest rates on your cards is what’s really keeping you in the cycle. Now that you have a solid credit score, it’s time to revisit the rates your paying on your existing debt. That’s right, your new credit score can help you lower your rates when you refinance your debt through a personal loan.
If you don’t know what refinancing credit card debt means, don’t worry, we’ll explain. Basically, you’re combining credit card debt from multiple cards into one easy payment under a single personal loan, with a lower interest rate than your credit cards. This helps you pay down your debt faster by saving you on interest.
Fiona is a great rate comparison tool when it comes to shopping around for personal loans. Here’s what you do:
- Fill out a simple and short form and with questions about yourself and the details of your need for a loan.
- Fiona will generate list of loans you prequalify for based on your answers.
- See a loan with terms you like and apply for it in minutes directly through Fiona and get approved within 24 hours.
Fiona is completely free and using it won’t hurt your credit score because it only does a soft pull on your credit.
Think about how much money you’ll have to spare every month when you finally finish paying off your debt and the wonders it will do for your credit score. This really should be a priority.
3. You’re Overpaying For Your Car Insurance — Save Up To $670 A Year
A better credit score means better rates on insurance, including for your car. If you’ve been stuck with the same insurance provider because you couldn’t get a better one, with a 620 credit score or higher, now is the time to switch and Zebra can help you find the best deal.
Zebra is a website that lets you instantly compare your car insurance policy rate to those from its database of 100 providers. Here’s how it works:
- Search by state, car make, cost and more.
- Answer a couple of questions about yourself, your car and your coverage needs.
- Within seconds of submitting that information, Zebra will provide you with side-by-side comparison of rates from dozens of insurance companies.
- Find a quote better than your current rate and apply for a policy directly through Zebra.
If you have a question or just prefer a human touch, you can apply over the phone with an agent. Either way, once you’re done, you’ll be covered right away.
Zebra saves people an average of $670 a year. That’s huge! Think of all the more important things you could be putting that money towards.
4. You’re In Good Financial Shape And Now You Need To Invest
If you’ve been choosing to not invest, you’ve been missing out on a great way to grow your savings and bring in extra income. You’re in pretty good financial shape, but you should aspire to be in great financial shape.
The great thing is it’s not too late for you to start. You can start investing your money as soon as today, right now even with Stash using just a couple of dollars.
Stash is an investment platform that allows people to use small amounts of money to invest in fractional shares. A fractional share is less than a full share in a company, which can be extremely expensive to buy. Fractional shares are much more affordable and Stash does the dividing of whole shares for you making it possible to invest with as little as $5 when you create an account.
Signing up for Stash only takes two minutes. Pick from one of its three subscription plans — Beginner, Stash+ and Growth — for only $1 to $9 per month.
5. Start Acting Like A Millionaire (Even If You’re Not)
There’s a reason everyone is looking to get their hands into real estate: It’s an extremely lucrative investment opportunity. I’m talking big bucks.
For the most part, you have be super rich to invest in real estate, but a new startup called Fundrise is making it easy for everyone to get in on this.
Yup, it’s actually possible to invest in real estate with less than one month’s rent. Here’s how to do it:
- Open a Fundrise investment account with a $500 deposit minimum.
- Tell its team of real estate investment experts what your risk comfort is and whatever specific goal you have for your investments.
- The experts will then help you create and manage a portfolio filled with dozens of hand-picked real estate projects.
- You’ll get regular progress reports on all of your investments, so you’ll know how they’re doing every step of the way.
According to its website, Fundrise portfolios see an annual return ranging between 8.7 to 12.4% and Fundrise will only take an annual cut of 0.15% on your investment earnings (which is a good deal compared to most traditional investment advisors).
If you’re not happy with how your investment performs within the first 90 days of using Fundrise, you’ll get 100% of your original investment amount back. You won’t be able to get that kind of safety net anywhere else. If you are in a place where you are doing pretty good financially, but want to be doing better than good, this is definitely something to look into.
6. Take 10 Minutes To Protect Your Family
When it comes to protecting your family’s financial future, life insurance is one of the things people really shouldn’t skip out on. But high premiums, which shoot up even more when you have bad credit, cause a lot of people to put off buying a policy, leaving your family vulnerable. That’s not a good spot to be in.
Now that your credit score is shaping up, getting life insurance at an affordable price is within reach, so don’t waste any time getting it. Thanks to Bestow, you can get a policy in minutes, possibly even for less than the cost of a coffee from Starbucks. Yeah, getting life insurance to protect your family can really be that easy.
Just go to Bestow’s website and fill out an application. It takes less than 10 minutes and you’ll get to skip the medical exam traditional insurance providers require. Get a two, 10 or 20-year term policy with Bestow for as low as $3 per month and coverage from anywhere between $50,000 to $1 million. That’s a lot of protection for your family.
7. Last But Not Least: Make A Free Will
While you’re making money moves to secure your family’s financial future now that you have a good credit score, don’t forget to create a will if you haven’t already. Yeah, I know, this probably isn’t something you want to think about, but if you don’t take care of this now, your family could end up paying the price later.
If you don’t put your final wishes in writing, when the time comes the government could take control of your money and assets and determine what happens. And there’s no guarantee the decisions they make will be the ones you could have chosen. You may think you need to hire a lawyer before drafting a will, but you can actually make a legally binding one online right now with Fabric (of course, if you have questions about your individual situation, you should speak to an attorney).
Working with a team of legal experts, Fabric has created a simple, convenient and easy-to-do online will anyone can take advantage of for free. It will only take you a few minutes to create one and they’ll show you how to make it legally binding.
Stop what you are doing and get that done.
All Photos: Twenty20