why the rich will get richer

This is one reason why the rich will get richer

Your credit score can make your life cheaper, but not in the way you might think.

Many people are aware that credit scores are important for scoring lower rates for loans. But there are other benefits. Consumers with excellent credit scores have about 7.7 times as many credit cards available to them as those with poor credit, according to an analysis released by the personal finance company NerdWallet on Tuesday. NerdWallet analyzed its database of more than 1,200 cards to find out how many more options people with excellent credit have.

Having a high credit score “makes your overall life a whole lot cheaper,” said Nick Clements, the co-founder of personal finance company MagnifyMoney, who previously worked in the credit industry, including as a director of risk management at Citi. And having more credit cards may also keep your credit score high, he added, because having more credit available to you is beneficial to your credit score. So once you’re in that higher bracket for credit scores, you’re more likely to stay there if you avail of the perks available. “Excellent” credit, when using the Fair Isaac Corporation’s (FICO) scoring model, is a score of 800 or above. “Poor” credit is a score of 579 or lower.