4 Things Millennials Should Do with Good Credit

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Millennials are at the time of their lives where financial decisions will affect them into middle age. With the longer-term on the horizon, Millennials with good credit should use their fine standing to put themselves in the best circumstances possible, especially if they have started a family or plan on having one soon.

A solid credit score allows people to benefit from rewards cards, drive the best value vehicle in their price range, refinance student loans and other debt to save on interest, as well as lock in low mortgage rates and snag a property that will appreciate handsomely. Good credit has to be earned through hard work, discipline, and consistency. After putting forth the effort to climb to the top of the credit- score ladder, you owe it to yourself to do the following four things to maximize your lending advantage.

Get credit cards with low interest rates and high rewards

When you have great credit, credit card companies know they have to sell you on using their product. It's the law of supply and demand. There are only so many people with great credit, and the banks need them as customers because they can be relied on to pay their bills. The inducements can be fantastic, with credit card companies offering everything from cash back to airline miles. Remember, however, that opening more than a few credit card accounts hurts your credit, so pick two that give you a low interest rate and the rewards you most value.

Get the best car deal

Though the best brand, model, and features are in the eye of the beholder, the resale value and finance charges are what they are. When you have great credit, you can take your pick of the vehicles that best hold their values and lock in the lowest interest rates. If you can afford shorter term loans, you get an even better interest rate. Many people find themselves upside down in their car loans. When you have great credit, you can access the vehicles with minimal depreciation for the minimal interest rate. This keeps you right side up in your car loan.

Refinance your high interest student loans

Many Millennials have a high amount of student loan debt from undergraduate or graduate school. Often, some of the debt is from federal loans, while some is from private loans. Federal loans can be consolidated to save on interest. There are also huge savings opportunities from refinancing private student loans. For example, many Millennials took private student loans to finish graduate school. Now that they have gotten into the workforce and built strong credit profiles, they qualify for much better interest rates than when they took out the loan. Borrowers can use loan comparison sites to find out how much they can save each month if they refinance their loan.

Lock in low mortgage rates

With the money saved by refinancing student loans, Millennials with good credit can save for a home down payment. Interest rates remain at historic lows. For those with good credit, the properties that appreciate the most are within reach.

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