I’ve written previously about reasons you should care about your FICO credit score. While the five reasons that I listed are quite important, a commenter chimed in with one that I left out.
Having a good credit score has enabled me to avoid deposits on many accounts, mainly utilities when I’ve moved. This was particularly helpful when paying a collective $400-500 in security deposits would have been a hardship.
This is a great point, and one that is often overlooked. Whenever you move and set up utilities, you face the possibility of having to come up with a bunch of cash for utility deposits. But if you have a history of paying your bills on time, you can often get around this requirement.