After working hard to achieve that much-coveted good credit score, it is time for you to finally reap the fruitful rewards of your efforts and sacrifices. Here are top five ways to leverage an excellent credit score and use it to your advantage. 

1. Send in Your Applications for Reward Cards

The most lucrative types of credit cards, particularly those that offer rewards, are only meant for customers with the lowest risk credit. Now is the time for you look into the available rewards credit cards available and choose one that you find the most enticing. Just remember, though, that for you to enjoy a rewards card’s maximum value, you need to pay off the balance monthly. Use your excellent credit score to have a more enjoyable overall credit experience.

2. Apply for Credit Cards or Loans 

Your excellent credit score means that you can now apply for a credit card or loan. However, before you do so, make sure that you are familiar with the rates currently offered to customers with outstanding credit scores. You might end up disappointed if you simply take the first offer that you receive from a lender. 

All lenders prefer high quality borrowers and they might be lining up at your door if you got a high score. You can get around 0 to 5% on a car loan in the current market, depending on the specific type of loan and car. Mortgage lenders must offer you less than 4% while credit card companies should give you 0% interest introductory period. 

3. Look Into Balance Transfer Credit Cards 

In case you still carry a balance on your credit cards, you might want to consider looking into balance transfer credit cards that offer an interest of 0% during the introductory period that often lasts for 6 to 18 months. These 0% balance transfer cards are practically free money. Obviously, free money easily beats reward points and even airline miles. 

4. Refinance Your Car Loan 

You are probably aware about home refinancing but did you know that it is also possible to refinance your car loan? Since car loans differ from as low as 4% to 20%, you are now eligible for a lower interest rate if you got an excellent credit score after taking out the loan. Refinancing can cut back your interest rate by half at least. 

5. Go Over Your Insurance Premiums

The credit score you’ve got is used for calculating your insurance score that can affect how much you pay in premiums for life, car, and home insurance. If your current policies were bought when your credit score was still low, grab this chance to talk to your insurance company to renegotiate the premium. 

Take your time to reassess your existing financial relationships and learn about potential credit cards and loans. This is the best thing that you can do to make the most out of all the hard work you made just to improve your credit score. The best thing here is that your high score can be turned into more available money that you can use to achieve your financial goals. There all are ways to leverage an excellent credit score which you can use to your advantage.

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