How Important Is Credit
Settling Down
Your credit score, or lack there of, will greatly determine your ability to purchase a new home, car, boat, or other luxuries that provide a more comfortable lifestyle. Not-so-good credit can even cause you to pay a higher interest rate which will make purchases more expensive and less affordable for you.
Getting a Job
Credit even impacts your ability to secure employment. Many employers are now reviewing credit files as a way of determining the character of future employees. Too many negative marks can often give potential employers the impression that you lack discipline and accountability. This can greatly impact your ability to provide for yourself and your family.
Your Own Business
Having questionable credit can impact your ability to start or grow your own business. Many have dreams of being business owners. Start up money is required to provide a successful foundation for most business ventures. If your credit is in question this will greatly impact your ability to secure funds from many financial institutions. You will have to find alternative sources of funding which can hinder your progress and even result in high interest rates.
Utilities
Material gain is not the only reason to maintain reputable credit scores. Most utility and phone companies have credit guidelines in order to secure services. Some of these companies will allow you to pay a high security deposit while others reject your request for service without further consideration.
We Recommend
It is not wise to attain additional debt in order to secure a favorable credit score. What is recommended is that you guard your credit report and be responsible with the debt or credit you already have, or that you plan to accumulate in the future.
