Here are a few reasons to have good credit:
1. To purchase a home you will need to be approved for a mortgage and acquire a suitable interest rate.
Many people have made a long list of things they will need to purchase a home but in making this list do not forget to add good credit to the list. The lender will need to verify that you will be a responsible borrower before approving you for such a large and long contract.
2. To save money on purchases by being offered lower interest rates.
Having good credit will determine whether a car loan has a 5% interest rate or a 28% interest rate. During my time in the financial industry I have seen cars drive away with both. Repair your credit to avoid the latter percentage rate.
3. To receive lower insurance rates
Insurance companies will check your insurance score and partially base your insurance rate your Credit score also know as you FICO score. This score is compatible to your credit score. The lower the score, the higher the rates.
4. To be considered for employment for employers that use credit reports as a part of their background check.
Employers use a credit report to judge your ability to make sound decisions. They want to get an idea of how you manage something that should be highly important and determine if they can trust you with it or maybe even around it, money that is. If your credit report is more negative than positive that doesn’t give them a good sign.
5. For some reason you don’t have the cash needed on hand, you have the ability to borrow at a reasonable amount of interest that will allow you to pay back the loan quicker. You just never really know when life will happen. Hopefully you have an emergency fund or you are working on saving it up. But it’s always good to have options in place.
Aquila T Carmon
Get your credit repaired today:Contact me at (919)904-6960