Having a good credit score can affect many aspects of your life. Listed below are just some of those:
- Qualifying for a Mortgage or Refinance
- The Monthly Payment on your Mortgage
- The Interest Rate that you Pay on Credit Cards
- The Interest Rate that you Pay on Auto Loans
- The Interest Rate that you Pay on Personal Loans
- The Rate that you are charged for Insurance
- Whether or Not you are approved to Rent
- Being approved for Phone, Electricity or Cable
- Whether or Not you get that Job that you want
- To qualify for or maintain a Security Clearance
- Guarantor of a Business that you want to start
If you have children that want to go to College and you want to help them by co-signing for student loans, renting an apartment for them while away at school, or help them with their living expenses, your credit as a guarantor or co-signer will be important in helping them.
Never before has your credit been as important as it is today.
Your Credit Score Affects Your Insurance Rates
Your insurance rates can be effected by your credit score. Many insurance companies, such as your auto insurance company, may use credit scores to determine the risk involved in insuring you. You may have never had an accident, filed a claim or even had any traffic tickets but your insurance rate can be higher if you have poor credit and a lower credit score. Insurance companies may also review your credit information when renewing your policy and raise your rates if your credit score is lower than the score that they obtained in your previous renewal or when you first initiated the policy. The reasoning is that consumers with poorer credit and lower scores statistically make more claims (as a risk group) and will result in the insurance companies paying out more in claims.
No Courses Offered in Credit Education
Growing up and going to school we all saw courses offered in math, history, social studies, economics, etc. I do not recall seeing courses offered in how to understand and manage your credit. In today’s society, almost everything that you want to do, rent an apartment, buy a home, finance a car, get a good job requires someone reviewing your credit. Your credit and your credit score have never been more important or a more intricate part of your life than it is today.
Credit Education is the Key
This blog teaches you more than just Credit Repair – It is a course in “Credit Education” that you can use throughout your life to live a better life.
Knowledge is Power
There is an old saying: “Knowledge is Power.” This is especially true when it comes to managing your credit. To have total control over your credit you must know exactly how the credit bureaus and creditors work and “think”. The credit bureaus are, in reality, repositories of information provided to them by several different sources. Credit Bureaus collect information provided to them by the creditors that report to them on your accounts, by gathering information from public record sources such as the courts, from other local, state, and federal databases, and by information that you provide to them either directly or obtained from applications that you make to creditors. Many times, this information may be recorded or reported incorrectly, and this is why as consumers we are allowed to challenge or dispute these items as is allowed by provisions of the FCRA (Fair Credit Reporting Act.)