What is NOT a benefit of having a good credit score?

Having a good credit score is associated with several advantages that enhance your financial well-being. One of the key benefits is the ability to secure lower interest rates on loans. Lenders view individuals with higher credit scores as lower-risk borrowers, which encourages them to offer more favorable terms. Additionally, a good credit score significantly improves the chances of loan approval, making it easier for individuals to access credit when needed.

Another important aspect is the increased negotiating power for rentals. Landlords often check the credit scores of potential tenants; thus, a good score can provide an advantage in securing a lease, sometimes even allowing for better rental terms.

In contrast, having a good credit score does not lead to higher fees for credit cards. On the contrary, individuals with solid credit histories often qualify for credit cards with lower fees, attractive rewards, and better terms overall. Therefore, the statement regarding "higher fees for credit cards" stands out as not being associated with the benefits of a good credit score.