What is so good about a credit rating? The most important thing for you to know is that high credit ratings can open doors and opportunities for you in all areas of your life through out your entire lifetime.
The credit bureaus gather the information to determine your credit rating, also known as your FICO score. Even though the credit bureaus determine your credit number, you are the person in control of how the bureaus score you. Your credit history report provide a snapshot of who you are, by revealing how responsible you are and how trustworthy you are. Your history report shows how well you manage your finances or how poorly you manage them.
In today's world, your FICO rating is used for so many different purposes. Basically anyone who asks for your social security number wants to know your credit rating and history.
The roof over your head depends on a good rating. Whether you are financing a mortgage loan or renting an apartment your credit report will be pulled and reviewed to determine if you are someone who can be trusted to do business with. This will help the lender or landlord to determine if you pay your bills on time. A good rating makes you a low risk candidate to either a mortgage company or a prospective landlord.
Another area where a good rating can enhance your life is in your job. A potential employer may also pull your credit score to determine what type of employee you will be. Employers figure if you pay your bills on time and have not over-extended yourself financially you will be a good employee. Financial responsibility can show that you have a sense of dedication and commitment.
Next, your credit history is important to insurance companies. A good rating will determine your insurance premiums. History has shown that people with higher credit scores make fewer claims on their insurance policies than people with low credit scores. Again, your credit score demonstrates your overall responsibility.
If you have ever thought about owning your own business, having a high FICO rating and good history may aid your efforts in getting a small business loan. In addition, you will be able to obtain credit cards to help you in the operations of your own business.
And, the most well-known reason for a positive credit score is your ability to borrow money for a car loan. Those that have a higher credit score will receive the lowest interest rate and best terms when borrowing for a car. This can save you thousands over the life of a loan and added fees that may be waived because of your good credit score.
Having and maintaining a good credit rating can make your life a lot easier, and open doors for you when you want to expand your dreams and create a better life for you and your family.
By Mike Reitz
The credit bureaus gather the information to determine your credit rating, also known as your FICO score. Even though the credit bureaus determine your credit number, you are the person in control of how the bureaus score you. Your credit history report provide a snapshot of who you are, by revealing how responsible you are and how trustworthy you are. Your history report shows how well you manage your finances or how poorly you manage them.
In today's world, your FICO rating is used for so many different purposes. Basically anyone who asks for your social security number wants to know your credit rating and history.
The roof over your head depends on a good rating. Whether you are financing a mortgage loan or renting an apartment your credit report will be pulled and reviewed to determine if you are someone who can be trusted to do business with. This will help the lender or landlord to determine if you pay your bills on time. A good rating makes you a low risk candidate to either a mortgage company or a prospective landlord.
Another area where a good rating can enhance your life is in your job. A potential employer may also pull your credit score to determine what type of employee you will be. Employers figure if you pay your bills on time and have not over-extended yourself financially you will be a good employee. Financial responsibility can show that you have a sense of dedication and commitment.
Next, your credit history is important to insurance companies. A good rating will determine your insurance premiums. History has shown that people with higher credit scores make fewer claims on their insurance policies than people with low credit scores. Again, your credit score demonstrates your overall responsibility.
If you have ever thought about owning your own business, having a high FICO rating and good history may aid your efforts in getting a small business loan. In addition, you will be able to obtain credit cards to help you in the operations of your own business.
And, the most well-known reason for a positive credit score is your ability to borrow money for a car loan. Those that have a higher credit score will receive the lowest interest rate and best terms when borrowing for a car. This can save you thousands over the life of a loan and added fees that may be waived because of your good credit score.
Having and maintaining a good credit rating can make your life a lot easier, and open doors for you when you want to expand your dreams and create a better life for you and your family.
By Mike Reitz
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