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Why Should I Care About My Credit Score?
If you are reading this, you probably already know how important good credit is. But for those of you who are wondering, what’s the big deal? Here’s why you should be concerned about your score.
All lenders base their offer to you on your credit score, among other things such as your income and other expenses. Credit card companies, auto lenders, mortgage lenders… they all take your credit score into consideration when you apply. Those of us who have a higher score will get credit offers with a lower interest rate because we are perceived as lower-risk of default (non-payment). Those of us with lower scores can still get credit and loans, however, at a higher interest rate, because we have defaulted or paid late in the past and are perceived as higher-risk.
The upshot is, borrowing money is more expensive the lower your credit score is. It’s a catch-22 – those of us who are less likely to be able to afford to pay a higher interest rate must, and therefore are more likely to pay late or not at all because it’s unaffordable.
Do what you can to preserve and improve your credit score – it will literally pay off for you. Here are five easy tips.
1. Pay All Monthly Bills In Full and On Time
This is so important – it is number one for a reason.
Paying all bills in full and on time is the most effective way to improve your credit score. If you’ve had any late payments, you probably have already seen that they are recorded on your credit report and your score suffers as a result.
If it is difficult to pay a certain bill in full or on time, contact that entity. If it is the electric or gas company, you will likely be offered a payment plan or a change of due date. If it is your cred… Read More
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