How a good credit score can save you money

FILE - This Nov. 18, 2009 file photo shows credit and bank cards with electronic chips in Gelsenkirchen, Germany. In the wake of recent high-profile data breaches, including this week’s revelation that hackers stole consumer data from eBay’s computer systems, Visa and MasterCard are renewing a push to speed the adoption of microchips into U.S. credit and debit cards. (AP Photo/Martin Meissner, File)

NEW HAVEN, Conn. (WTNH) — We all know you need a good credit score to make big purchases like a house or car, but even if you’re not planning to buy, having a good score can stretch your dollar on other expenses.

When you think of a good credit score, many of us think of buying a house or car but really it pays in other ways to have a good score. Having a good credit score doesn’t just benefit you on the big buys in life. Matthew Carbray with Ridgeline Financial Partners told News 8 you can stretch your dollar on everyday bills too.

“Something that’s an unknown fact, but there are credits that can be extended to you in a positive way for having favorable credit through your insurance,” he said.

Experts say a good score can land you a better credit card with no fees, the best perks and rewards. A bad score can make it harder to get an affordable cell phone plan. It can also cost you more to finance things like furniture.

“A bad credit score can harm you by costing you more to finance items that you may finance through a retailer or going out and getting a mortgage and finding out that the rate you are being extended by a financial institution is higher to account for the risk associated to you as a credit person,” Carbray added.

Home and auto insurance is another place to save when you have a good score.

Don’t forget you are eligible for a free credit report review each year.

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