Reasons to maintain a high credit score

Here is the importance of having good credit. There is not a company in today's
economy that will not review your credit before they approve an application for
credit. Many of these creditors have a minimum credit score to even start the
process of opening an account. Usually you must meet a certain credit score
along with various other criteria in order to proceed with the process. This should
underscore maintaining a high credit score.
That being said, what is the need for a high credit score? There are some
advantages to having a high score. You usually can receive an instant credit
approval based upon your credit score alone. In the past, the lender would have to
manually review every line of your credit file in order to make a determination as
whether to extend credit or not. Second, the consumer has the benefit of system
that is fair to everyone. Being less likely to take into consideration either race or gender. Overall, everyone wins when there is a system that is set in place to
facilitate a rapid and complete credit approval process.

Having good credit thus means that the borrower must also take careful measures
to insure that their personal information is not compromised. In the hands of an
identity thief, good credit can be scary. The thief, in a very short period of time
would assume the identity of the victim and amass a large amount of debt before
anyone ever discovered that there was a problem. Now, that superior credit has
just become your worst nightmare. The only way to maintain that high credit is to
guard every aspect of your credit in the most diligent manner.

Though good credit can be a two edged sword, the benefits of having such, far
outweigh any risk. As a participant of in today's society, you should make every
effort to raise your credit score to its highest possible limit. This score will make it
easier for you to obtain credit when it is necessary.