If her score had been lower she would have been faced with an APR of 7.8% and a monthly payment of $2,260, according to myFICO.com.

Those with higher credit scores are smart! They are rewarded handsomely by banks, credit card companies, insurance agencies, and even employers. For Barret, an interior designer out of New York, her careful financial habits of paying bills when due, keeping her debt down and paying attention to her budget made a huge difference--of more than $600 a month. Barret sleeps well at night not worrying about how she will make ends meet.

Maintaining a higher credit score at or above the national median of 723 takes good financial planning. It also pays off in more ways than one. Here are five excellent reasons to keep your credit in good financial standing:

• You get low interest rates. If you want to have more money to spend you need to qualify for lower interest rates on loans. One hypothetical example: A 40-year-old female who drives a better quality car with an good driving record and credit score, with a $1,000 deductible, would carry a six-month insurance premium of $952. But, for the same person with a below-average credit score, that premium hikes up to about $1,840. A low score will add an additional 1 to 1 1/2 points to your car insurance premium.
• You can more easily apply for small business loans. If it is time to shop around for that small business loan and your company is less than 3 years old, expect that your personal credit history will be looked at top to bottom. If you've been a sound financial manager, the process will move along just fine. If you are operating a sole proprietorship, the personal credit history is what a lender will factor in above all else. With a sole proprietorship, it's impossible to separate the business credit from the personal. The two are treated as one and the same. All of those leaner years of saving and sticking to a budget will finally pay off.
• Enjoy Credit Card Rewards. Financially-savvy people make credit cards work for them, instead of the other way around. With good credit cards you can look forward to discounts on your hotel stays, airfare, and even more unique perks. For example, when you make six consecutive, on time payments with your Discover Motiva Card you will then qualify for a full month's interest. To take full advantage of your credit card perks be sure to check for any expiry dates that come into play.
• Find a better job? Higher credit can mean the difference between working a dead-end job and having increased earning potential. More and more frequently, employers do a credit check before they hire. Greg Basik, a recently-hired personal banker with a credit score of 790 knows this truth. Employers often view your credit score in terms of personal behavior. When an employer checks your credit, they want to see a history of responsible financial management. If Greg had a poor credit score, he likely would not have landed that better paying job.
• Increased buying and saving power. Handling your money properly means having greater purchasing power and this makes for a far better lifestyle. At the same time, it allows you to save. When you want to purchase a big-ticket item like a boat or a cottage, it allows you a mortgage of $1,300 instead of $2,000 - a real savings that can go towards paying down that debt faster.

Search our list of Above Average Credit Cards – and when you are ready, our Excellent Credit Cards. Not everyone who applies is ready; it’s definitely an exclusive club. But this is one club to which we all want membership.

Don’t forget to sign on with our newsletter – maybe we can teach you some new financial management tricks. Stay financially sound with CreditCardApplications.com