Your credit score may be the most important 3 digit number in your life. As society grows more and more dependent on credit, many businesses are looking at credit scores before they will extend products or services to consumers.
Here are just a few of the ways that a low credit score can adversely affect your life:
- Difficulty in getting loans approved. If you have a lower than average credit score, creditors and lenders see you as less likely to pay the loan back in a timely manner, so they may not extend you any credit at all.
- Higher interest rates. Credit card companies will often penalize low credit scores with higher interest rates.
- Higher premiums. Insurance companies check credit ratings too - and justify the higher premiums by claiming that many of their higher claims are linked to lower scores.
- Landlords. Many landlords consider credit scores when dealing with potential renters and often won’t approve your application for a lease without either a substantial deposit or until you get it cleared up.
- Auto loans. If you’re in the market for a new car and your credit score is a problem, you will find that it can be extremely difficult to get financing. And beware - those “special financing” programs geared toward buyers with credit problems always result in much higher interest rates.
- Difficulty in getting a job. Some employers, especially those in the financial sector, use credit reports in the application process to judge an applicant’s responsibility level. If having a good credit rating can be the key to landing your new job; isn’t that reason enough to make sure your score is in top form?
Lenders today are looking for scores of 680 and above when making lending decisions at the best rates. Raising your credit score can lead to savings of hundreds of thousands of dollars over the life of a mortgage. In addition, a higher credit score can help you with credit card rates, auto loans, and help you get that job you wanted.
We offer a multi-faceted approach to correcting your credit score - working with you to devise an action plan for things you can do to improve your credit score. Don’t wait – take the first step today to make some positive changes to improve your life and change your future.
Call us for a free consultation!
1-800-297-7311
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