Your Score, Why you Should Care?

We see it, we hear about it, we experience and we use it but do you know why you should care if the score is high or low? I will talk briefly about your credit score and why you should care.

As you may or may not know, your credit score is really a reflection of your “buying and borrowing” history. Credit cards are borrowed money we all have used it to buy clothes, food, airline tickets and possibly some investments but the fact doesn’t change that it is still borrowed money. How you pay back that loan is very important in establishing a trust between you and possible future lenders.

Often we all make the mistake to miss a payment, max a card out or not pay it back at all. These actions will and can affect any thoughts of buying a home, changing employments and even buying a vehicle. These delinquent actions demonstrate that you are not a trustworthy person and a high risk.

Some banks won’t lend you money if your score is too low and those banks that will the interest rate is so high that you will pay on that loan forever, literally. Your credit score can be affected also if there is any wrong information. That is why it is important to keep up with your report and challenge any information you know is wrong, after all this is a reflection of you.

If getting the best interest rates, a home, a new job or whatever is important to you than it would be pertinent for you to be on top of your score. Lenders are being very careful and strict on who they will lend money, don’t be left behind.

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