Did you know by having poor credit that you are missing a lot in life? It's also costing you thousands every year that you didn't even know about. Let me explain. You know with bad credit you could be turned down for home loans, auto loans and credit cards, but that is only the tip of the iceberg.
I was once told that your credit score should be really called your debt score and that made sense to me. The more debt you had the less you could borrow, the less debt you have the more you could borrow. (DEBT SCORE)
So how much debt do you have? Can you afford to pay it each and every month? If you say no, then you need to change how you look at credit / debt. It really is costing you and you don't even know it.
If you have a credit card and have great credit and buy a TV on it, it could cost you as little as zero interest depending on the card. But, if you have bad credit, you could end up paying double for that TV over time because the interest rate the card has given you because of that poor credit.
But, there is more! Did you know that you can be turned down for a job based on your credit score? How about car insurance? Did you know most insurance companies charge more for people who don't have a certain credit score? If you have perfect credit, you could save up to 40% on your car insurance. Don't believe me? Call your insurance agent. You will be in for a surprise!
So, not only could your credit be costing you a new, higher paying job, but thousands in interest and hundreds in insurance payments. For more information on credit repair and home ownership, please feel free to contact me anytime.
Also, here is a free download that can help you better understand your credit and how it can change your life. Can you imagine having and extra $5,000-$10,000 a year just because of a good credit score? It is possible, it just takes some work.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
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Helping buyers and sellers come together in a win-win situation for both. Visit my website at www.IFoundYourNewHome.com or you can call me directly at 503-524-9494.
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Todd, this is great info - the "debt score" explanation is excellent, that's a different way of looking at it and really puts it into perspective!
Todd
No matter what; credit will always control everything even down to insurance.
Sincerely
Tom Braatz
Todd,
Great information and explanation. Credit issues are big concerns right now.
Credit indeed does control so much of our lives. As Tom mentioned above, the insurance companies are using credit scores to determine the type of risk that a potential client is and their likelihood of filing a claim. Those with poor credit do indeed pay more. The good news, however, is if they work hard at it, they can turn it around.
Todd - Excellent post on the importance of keeping up good credit.
Todd, can you shout this from the mountain tops. I can remember talking to a customer a year or so ago and the customer telling me that his credit score had no relation to getting a loan, it was just us not wanting to lend him money.
Todd, You are right and this post is a good way for the public to find out.
Todd, This is great information. I am going for the free download! Thanks!