Your Credit Score is Costing you Money
It is time for us to dig in and learn about how our credit scores affect us. Our credit score is a very important 3 digit number. Some of us actually have no idea what our score is. Sure we know that if our score is too “low,” it’s possible we will have difficulty getting a mortgage, automobile loan, credit card or any other kind of loan. These are the “biggies.” We must increase our understanding of our score and the possibly unknown effects of a poor score.
First of all, if your score is low, you are likely determined to be a “credit risk.” In this case, if you are able to secure a mortgage at all, you will be paying an interest rate for your home that will be significantly higher than what is the usual for a mortgage. The amount of interest will cost you thousands over the term of the loan.
In addition to the “normal” loans we all know about, the credit score can affect you in a number of ways that you may never have thought about. Now is the time to learn about these areas.
When you apply for car insurance, the companies will utilize a credit profile for writing the policy. It seems that Homeowner’s insurance companies have decided that, if you have poor credit, you will probably make more claims. So, up go the rates. Now you can start to realize that our credit profile is becoming more influential in our lives.
A very large concern is our health care and life insurance. Credit profile is again important. When people are unable to keep up the payments for these insurances, insurance company costs rise and so do our rates. Again, poor credit can be affecting these rates.
If you have been denied employment, it is very possible that the employer checked your credit rating. If that rating is poor, the employer may suspect that you would not be a good employee (being dishonest, stealing, taking bribes). So, a poor score might cost you a job.
Our country is having a credit crisis. It will be more difficult than ever to get credit. Therefore, if you credit score is low and you are a “credit risk,” you need credit repair. You may be in for a negative surprise so you need to get to work.
Please do not ignore your personal financial situation. Remember all the areas of life that are affected by poor credit so work on fixing your situation.
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