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Why You Must Have a Good Credit Score?

May 31, 2012 | Comments: 0 | Views: 160

Your credit and its history are very important especially for your financial life. Your credit score will be with you forever and it can truly affect almost everything in your life. People often think their credit score only matters when it comes to loan or credit card applications but it is actually more than that.

The importance stuff in your credit is your credit report and score. Your credit report includes a detailed history of all your accounts, transactions, delinquencies, balances, personal information, inquiries and many more. While your credit score is a three-digit number that will fall within 300-850. With all the details in your credit report considered, a formula is then used to compute for your credit rating and of course, the higher it is the better. It is to determine whether you are worthy enough for a loan and so on.

When you have a poor or low score, it is obvious that you will have trouble borrowing money from banks or applying for cards. But it goes beyond that. A low score will affect future activities and even employment opportunities. A low score will also get you very high interest rates that is probably five or six percent higher than the ones you get with a good credit scores. When dealers see you with a good score, they won't see you as a risk and will be happy to do business with you anytime. While a poor score will get dealers to ask a bigger deposit from you because they think that you won't be able them regularly.

Your credit score will also determine how companies look t you. Companies want to hire employees that are trustworthy and responsible. This is actually a controversial thing going on in the industry because some say that it's completely wrong for companies to judge them through how they make their payments and all. But still, this is something to keep in mind, especially if you are applying for a high job position. They would run a credit check automatically without your permission and from the on it's their decision.

Your credit score matters a lot in your life. Save yourself some time, money and effort and work on improving it as early as now. Your credit is a reflection of you. How you deal with financial matters and your being financially responsible is what it shows. These are just a few examples of how important your credit rating is and its advantages. Do more research so that you can work your way up to 850 easily.

Looking for free credit reports? Get your credit check with unlimited access for 30 days, your credit score, credit monitoring & alerts and track your credit report for any errors, discrepancy, identity theft or bad credit.

Source: EzineArticles
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