Reasons Your Credit Score is Important

by

 In today’s modern era a credit score affects many things including your ability to lease a car, rent a house make large purchases and even become a customer of certain companies. Utility companies such as electric, phone, satellite and even cable will often times check a customer’s credit rating. Low credit scores may mean higher deposits before a company will provide service. Many employers check out potential hires credit score to determine whether or not they are a responsible individual. A credit score is not something to be taken lightly.

What is a credit score? How do I find my credit score? What things effect my credit score? If my credit score is low, how do I improve it? These are all important questions and having the answers could mean the difference in renting your next home, leasing your next car or getting a loan for large purchase or in emergency situations. In 2018, your credit score IS your financial identity. It’s how you’re viewed by companies, employers and banks. Let’s make sure you’re wearing your best outfit!

 

What Is A Credit Score?

A credit score is a three digit number that tells lending companies how well you’ve paid your bills. Lending companies use this to determine your credit worthiness. Your credit score can affect the interest rate you may get on a loan as well as whether or not you are approved.

The most common credit score rating is FICO. FICO scores range from 300 to 850. Those with a score of 740 or higher are typically entitled to the best interest rates. Companies will make certain assumptions based on credit scores. When reviewing a credit score a company can decide whether or not they are going to finance your loan, give you a lower interest rate, or even give you a good deal on your auto or home insurance.

Receive A Free Credit Score Now!

 

Assumptions are generally made on the following scores:

Excellent Credit: 781 – 850

Good Credit: 661 – 780

Fair Credit: 601 – 660

Poor Credit: 501 – 600

Bad Credit: below 500

Financial Aid | Credit Repair | Credit Score

There are certain factors that go into determining your credit score. Things like how often you paid your bills and whether or not you ever been late on a payment. What is the balance on your revolving credit cards? Lenders typically look at whether or not you have a high balance on your credit cards versus how much you have available. This means maxed out credit cards, are NOT a good thing. Utility companies also report to the credit bureaus so keep this in mind.

 

How Important Is A Good Credit Score?

Yes! A good credit score is considered 720 or higher although some lenders may have different standards. A good credit score will provide you with an excellent interest rate. It can ensure your ability to get a loan. A good credit score can even have an effect on what you pay for car and home insurance.

Borrowers with higher credit scores are normally given better mortgage and refinancing rates. Why is this? Because lenders believe those with high credit scores are an ideal customer. Having high credit score show the bank that you are a responsible borrower. It also gives you negotiating power when it comes to things like closing costs and other fees. Having a high credit score means banks are more likely to compete for your business because it is in their best interest to offer you the best possible deal.

Another reason your credit score is important is because it is a HUGE part of your financial identity. Credit score affects many things including your ability to lease a car, rent a house, make large purchases and even become a customer of certain companies. A credit score is not something to be taken lightly.

You Can Improve Your Credit Score

Maybe your credit score is not so great. That is okay! You can improve a bad credit score.

Obtain Your Free Credit Score Now!

Make the decision now to begin paying your bills on time each and every month. There are several budgeting tools online to begin telling your money where it should go. Budgets are easy to make and can give you an idea of where your money goes each and every month. Knowing where your money goes is the first stop in paying your bills on time. And paying your bills is the number one tool in repairing a bad credit score.

 

 

Monitor your credit report

The federal government allows you to obtain a free copy of your credit report once a year from each of the major credit bureaus. The three major credit companies are Experian, Transunion and Equifax. You can do this by visiting Annual Credit Report every three months. Pick one company each quarter, and you will be able to keep a good eye on your credit report Monitoring your credit report will let you know if there any discrepancies that may not be accurate. It also tells you whether or not there are negative items on your credit report that affect your credit score.

Many companies allow you to view your Free Credit Score and Report when you subscribe for their suite of credit protection products. Through this method or by signing up directly with Experian, TransUnion or Equifax, you can shortcut the waiting process and get visibility to your FICO score and report immediately. Also, more and more, credit card companies and banks are allowing their clients to view their credit score through their monthly statement.

 

What About Credit Repair?

If monitoring your report, and getting your credit back on track seems overwhelming, consider using a company like Credit Repair Inc. They offer easy and helpful tools that can help fix bad credit. Members of Credit Repair Inc. typically added 40 points to their credit report in as little as four months. How? Their customized tools allow you to repair your past. Their 24/7 credit monitoring system allows you to monitor your present. With a company like Credit Repair Inc. you are able to build your future. This allows you have order in your financial life and maintain a healthy score, while accomplishing your credit goals.

So are you ready to take the next step in obtaining a fantastic credit score? The future is in your hands there’s no time like the present to raise your credit score and gets on the right path financially. You now know why a good credit score is important. The only thing standing in your way is action. Make a plan now to secure your financial future and one day have the ability to own your dream home, and be in charge of your financial identity. You can make that happen!

Manage Your Credit Score for Free!

 

4 Most Challenging Discussions You Can Have With Family (And How To Have Them)
It's not always easy to practice open and honest communication, especially with your family. Unfortunately, that lack of communication can have serious consequences. If you're having a hard time finding the courage to approach your family about an issue you're...
SNAP (Supplemental Nutrition Assistance Program)
The first nutrition assistance program was started in 1939. These types of programs were developed to help people during strenuous times and financial hardships. The program we know today (SNAP) was first introduced in 1961 as the Food Stamp Act that was...
Social Security Benefits & Retirement
Though all Americans look forward to the day when they can kick back in a lawn chair and spend time working in their flower gardens, retirement comes with many burdens. A fixed income or access to a 401(k) may not be enough to supplement the lifestyle many seniors are...
Natural Antibiotics and Antivirals
  Antibiotic Herbs The issues of antibiotics and antibiotic-resistant bacteria have gotten a lot of attention lately. The concern is that bacteria, having been exposed to antibiotics for so long, have developed a resistance to the antibiotics, creating...
Understanding Federal Grants (Part 2)
 In the last issue we talked about how the federal grant system works and how you can make it work for you. In this issue we are going talk about exactly who's eligible to apply for federal grant money. The simple fact is that almost everyone is eligible...
Helping Homelessness with Government Grants
 Poverty and homelessness in the United States and around the world is increasing on a daily basis. Here in the United States, rising housing costs and lower livable wages have been among the 2 biggest contributing factors. Lack of mental health facilities...
Women Grants in The United States
A lot is being granted to the citizens of America in the name of grant scheme. Various categories of financial needs are being accomplished through these grants. Some of the most popular grants schemes ever are the grants for men, grants for women, grants...
Social Security Disability Benefits
Sometimes in life, events occur that prevent people from working in order to make a living. Accidents occur and illness strikes at the most inopportune moments. The Social Security Administration may be able to help. They provide disability benefits to...
5 Ways to Keep Your House During A Market Crash
Anyone paying attention to the housing market in the Los Angeles area knows that home prices have been at record highs. National Mortgage News suggests that this could be a housing bubble about to burst, and a decline in home prices and an increase in mortgage...
Home Improvement Grants
 Is your home desperate for repairs? Are you at your financial limits, broke...flat broke? Have you ever wondered how it would feel to have the government help you be able to afford these critical repairs? Help is possible through new home improvement...
The FHA and Home Loans
 The Federal Housing Administration (FHA) insures mortgages on loans provided through FHA-approved lenders. Since its creation in 1934, the FHA has insured tens of millions of homes for families in the United States. These mortgage insurances protect...
Are Discount Stores Really A Bargain?
It seems like dollar stores and other various discount stores are becoming a common retailer in most areas. Can these discount stores really offer you a bargain or do they just sell poor quality items? In my opinion, there are plenty of great bargains to be found in...
Government Grants Exposed
You and I have heard it all before, the man with the funny jacket on late night TV telling us that the United States government gives out over 30 Billion dollars in grants every year. And if we want any of that for ourselves, all we have to do is send him...
Free Cell Phones: Avoid The Trap
Cell phones are becoming very sophisticated with the advancement in the technology. Today the cell phones come with lot of mind-boggling kinds of features on them. Due to the increasing competition between the handset manufacturers and the service providers, lots of...
Who Qualifies for VA Home Loans
For many veterans and their families, buying a home can be a difficult experience. Many veterans have little patience for the drawn out process of finding a loan, and others have not always had the best luck with credit. Fortunately, Veterans Affairs (VA) can help....
How To Get The Best Insurance Deals
In most cases finding the best insurance deals is difficult. Since having insurance is a requirement rather than being optional it is a good idea to shop around for the best insurance deals. It’s difficult to shell out the cash for insurance premiums and...
Penny Pinching Groceries Plus Earning While Shopping
Penny Pinching your way into savings and earning! If you feel like you are wasting money on groceries then you're not alone. The average American spends around $160 per week at the supermarket. What if I told you that number can be easily cut in half by penny pinching...
Modern Millionaires Mindset
Here’s A Modern Millionaire Rhetorical Question:   If you have a spare million dollars in your bank account today… How will you spend it? Pay off all your bills and loans? Buy your dream car? Dream house? Give your family a better life? Travel all over...
The World of Federal Grants
Welcome To The Wonderful World Of Federal Grants Federal Grants - If you are planning to go to college or university but know that you would never be able to afford it on your own, or with the help of your family for that matter, one of the first places...
Examine Failures and Find Inspiration
How to Examine Failures and Use it as Inspiration Sometimes, when we fail, it can feel like the end of the world. None of us like to be told that we are doing something wrong. None of us like to experience setbacks in our plans. It can make us question our self-worth,...

Subscribe

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest