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      January 23, 2018

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Why Good Credit Is Important

 

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Why Good Credit Is Important

It used to be that good credit only mattered if you wanted to take out a loan for a large purchase such as a house or a car. Those days are long gone.

A person’s credit is now being used as a barometer for approving car insurance rates, utility services and even for purposes of employment. If you have poor credit, a lot of doors will be closed to you that just a few years ago would have remained open.

How, exactly, are credit reports being used nowadays?

Employment
Roughly 69 percent of employers polled in a nationwide study said they use an applicant’s credit report as consideration for employment. Under the Fair Credit Reporting Act – which is administered by the Federal Trade Commission – employers are required to seek permission from applicants prior to running a credit check. Because employers can and do look at credit during the hiring process, it is a good idea to check your credit through the three reporting agencies (Equifax, Experian and TransUnion) at least once a year. Every person is entitled to one free credit report annually. You can request a report from all three agencies at the same time, or stagger your requests one at a time so that you receive a new report every three months. By doing so, it gives you a chance to correct any mistakes that may affect employment.

Credit Cards
It only makes sense that a person’s credit history would be considered by any credit agency. Credit cards are no exception. If you have a history of failure to repay debt, you can expect to either be turned down for a credit card, or be granted one with an extremely high interest rate.

Houses and Cars
If you plan to own your own home, or to purchase a vehicle, having good credit is essential. Mortgage lenders, as well as car loan companies, want to be assured you won’t default on a loan before granting one. As with credit cards, persons with a bad credit history can either expect to be totally denied for a home or car loan – or be subjected to an incredibly high interest rate.

Utilities
Most utility companies – electric, gas, water, phone and cable – will conduct a credit check prior to providing you with their service. Because most utilities are paid for a month after their actual usage, utility companies want to make sure you’ll be good for the payment. And unlike a car or home, utilities can’t be repossessed once they’ve been used. The worst that can happen if failure to make payment occurs is that the utility company will discontinue their service to you. But it may not be able to recoup what it already has lost. For that reason, utilities want to know your credit history before ever agreeing to open an account for you.

Starting a Business
If you have dreams of owning your own business, having bad credit can put a damper on them. Business start-ups generally require a large start-up cash flow. Many entrepreneurs do not have that kind of cash on hand; therefore, they find themselves in need of a business loan. Without good credit, you can kiss the possibility of obtaining a loan goodbye.

Is a credit repair company friend or foe

Americans across the U.S. struggle with bad credit. When searching for a solution, credit repair companies seem like a great idea. For a fee, these companies offer advice or assistance to improve your credit score. However, there is really nothing a credit ...

Published:  Wed, 10 Jan 2018 10:37:00 GMT



10 Simple Ways to Repair Your Credit

Ending up with bad credit can happen to anyone. Even if you're careful, certain mistakes can be made that can send your numbers spiraling. Don't give up hope if that happens, though. Fortunately, there are many different ways you can start working on ...

Published:  Fri, 12 Jan 2018 08:57:00 GMT



Florida considers ending fee to freeze credit as Equifax leads gripes

In any case, credit reporting and repair companies represented the top category of CFPB complaints from Florida, according to lendedu.com, which calls itself a marketplace for finance products including student loans, personal loans and credit cards.

Published:  Sun, 21 Jan 2018 21:09:00 GMT



Planning to borrow for your kid's college Time to clean up your credit

No matter what college path, polishing your credit score will give you flexibility as you move deeper into college bills and second or third children. Steps to repair credit. For a good credit score and access to low interest rates, paying bills on time is ...

Published:  Sat, 13 Jan 2018 22:04:00 GMT



Don't Put American Express Stock on Your Credit Card

The firm made sure that you know that the quarterly dividend will not be touched, but it has to repair itself after this hit. One big buyer removed from price discovery in the secondary market. Get it Am I afraid of American Express No. That said ...

Published:  Fri, 19 Jan 2018 09:33:00 GMT



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