From lenders to landlords, to insurers and utility companies, and even employers… many entities and organizations check credit and credit worthiness before deciding to do business – or have a relationship of any kind – with you. Most often, they perform this check by asking for and receiving your credit score.
Credit is also necessary for other kinds of financing too. And good credit means you can not only get financing for big purchases that you want or need like an automobile or home, but you will get better rates. Thus, while bad credit can lock you out of certain big purchases because you won’t qualify for credit, it can also cost you A LOT MORE in terms of deposits, down payments, interest and fees to use that credit.
Your credit score is one of your greatest financial assets. If your credit score is high, you will have more financial opportunities, as well as lower rates and fees that will save you money. The big “mystery” however, is how to get and keep a high credit score. Well, if you want to get, maintain or restore a good credit…
By now, you likely understand the importance of good credit. Whether shopping for a new home or automobile – or just searching for the best deal on insurance – your credit score will likely influence not only your ability to get what you want but how much you pay for it now and over time. Bad credit habits or a bad payment history will resort in a low credit score.