Some like to think that their lives are not impacted by credit scores and that they shouldn’t care about them, but I disagree. Credit scores can so easily be a positive influence in your life, so there is no reason to run away from it.
I think it’s best to grasp the fact that you need a credit score, and make positive changes in your life so that you are no longer negatively affected by your credit score. I’m not saying that you need to let it rule your life, just accept that it’s there though!
If you are interested in credit repair,?there are professionals out there who will work towards improving your credit so that you can get approved for loans, receive lower interest rates (and save thousands of dollars), and more.?Credit repair companies?will help you create a game plan to improve your credit score, they will contact credit companies directly on their own, they will communicate with the credit bureaus to work towards making a change, and they provide an online dashboard that will help you monitor everything that is going on. It is all very affordable and will most likely save you thousands in interest fees and late charges.
Here are a few ways that your credit score and credit report impact your life.
Your credit report matters when getting an apartment because the landlord will want to know if you usually pay your bills on time. If it shows that you usually pay them late or not at all, this will be a red flag and will be looked upon negatively. You never know if you will need a?personal loan.
Buying a house.
If you have a low credit score, then you may not even be approved for a home altogether. If you have a low credit score but are approved, you may be hit with a high interest rate. You may find yourself spending hundreds and hundreds each month in interest more than the average person if your interest rate is higher than average.
Buying a car.
If you are buying a car, then your credit score and report matters if you need a car loan. A lower credit score may mean that you might have a high interest rate. I have seen interest rates between 10% to 20% before, which is just crazy, especially for a car payment.
A low credit score may even completely prevent you from getting a certain car, or buying from a certain place because they might not want to deal with you.
Your car insurance.
Car insurance companies actually look at your credit score. If you have a low credit score then they may not want to insure you, or they may charge you a higher fee for using their insurance company.
Getting a job.
If you have a low credit score, then it may prevent you from getting certain jobs where financial information like this proves valuable. If you are one of two similar job applicants, then you may be looked over if you have a low credit score.
Do you care about your credit score?