We previously discussed that having good credit is essential in opening new credit cards.
You will also need to have good credit if you want to purchase a home.
Good credit when buying a house
The #1 factor lenders will look at when you apply for a mortgage is your credit score. It tells them if you are a borrower who can be trusted with such a large loan, based on your current credit profile and your credit history.
In addition, the better your credit score, the better interest rate you can get approved for. You can get thousands of dollars a year shaved off your mortgage in interest by having an excellent credit score.
Building good credit is important in order to build the home of your dreams.