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A LOW CREDIT SCORE CAN WRECK ALL YOUR DREAMS

A high credit score is a very good thing to have. It makes all sorts of purchases and loans easier to get. If you have earned a low credit score, the world of finances has become difficult for you to wade through. This is because what is written on your credit reports tells those who read them a tale about you.

There are three credit bureaus and the people you make payments to report to them how well you do this. They are Experian, Transunion and Equifax and anyone that you owe money to can report information such as whether or not you made your payments on time. In turn, when you are negotiating to buy something for which you will make payments, new creditors will look to see your credit reports to check on your payment history. If this history isn’t good, it will cost you.

One thing people look for to check your creditworthiness is the FICO score. FICO stands for Fair, Isaac & Co. and it can range from around 340 to around 840. The best place to be is in the excellent range with a score of around 750-840. A good rating ranges around 660 to 749 with a fair rating around 620 to 659. A poor rating, around 340 to 619, is an area you do not want to be in. If you are ranging in this area, it would be worth your while to invest some time in improving your credit score.

Scores in the poor range can cost you so much more money when you decide to do anything such as buy an extravagant or rent an apartment. This is because if you have made several late payments in the past or have even defaulted before, people will be less willing to take a chance on you and loan of a high FICO score is the ability to receive a low interest rate for loans, such as mortgages, car loans, credit cards, student loans and personal loans. It also helps you to be able to refinance your mortgage when you are ready to do so. This can save you several thousands of dollars over the years, because the lower the interest rate, the lower will be your interest payments. A high credit score means that lenders can consider you to be a low risk and they can feel confident that they will get the money back that they lend to you.

A high score can also help you move into a new apartment. Landlords are doing credit checks and what they read in your report helps them to decide if they will rent to you or not. If your credit reports show that you have a history of not paying your bills, they may turn your application down. This can make finding a new apartment to move into a long and drawn out course of action. Once you do find someone who is willing to run the risk with you, you will pay a high price for your low credit score with a high security deposit and/or higher monthly payments. You may even be required to have a co-signer. Convincing someone to co-sign for you can turn out to be another disheartening task and the landlord can even make you sign a contract stating that you will be ineligible to have your security deposit returned; all because of bad credit.

For all the reasons listed above it is advantageous to you to keep your credit score high. Paying your bills on time is a good first start in making this happen.

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