Further Rewards for Good Credit
You’ve worked hard to keep your credit score high. Why shouldn’t you be rewarded for your effort?
Banks agree and are looking for innovative ways to urge you to keep your credit score as high as possible. Financial institutions have always used negative reinforcement for poor credit scores – higher interest rates, lower credit limits, and further restrictions or outright rejection. The new approach targets positive reinforcement for score improvement.
Jamie Dimon, CEO of JPMorgan Chase, revealed in a recent Business Insider interview that his institution is looking for ways to entice consumers to improve their credit scores. The exact approach is unknown, but Dimon assures that the programs will offer real rewards – for a potential example, reduced loan costs when a threshold improvement valu…