A credit is not just a tool of money management, it controls your whole financial career, living quality and sometimes job opportunities. A good credit ensures a stress free life. Because a credit with low scores can be the reasons for your higher interest rates for any kinds of loans, less job opportunities, denial for loan applications etc.
So, a high credit score can ensure higher opportunities for you.
Impacts of Credit Scores on Your Life
A good credit score can contribute significantly to your overall progress, just as a poor credit score can lead to your downfall. Let’s see what are the impacts of credit scores on your life;
- Your loan application will be approved if you have a good credit score. On the other hand it will be denied if you have a low credit score.
- You can achieve lower interest rates for your loan if you have good credit scores.
- High credit scores ensure high credit limits.
- A high credit score brings better terms and opportunities for utilities.
- Sometimes employers consider a good credit score as a representative of good money management quality of the candidate while offering the job opportunities.
- You can get a good home for rent because some home owners assume that a person with a good credit score must be a good renter.
So, the fact is you might have a good source of earning money but your credit score represents your quality and characteristic in money management.
Want to Boost Your Score? Start from Today
The good news is you have the opportunity to improve your credit score, no matter how low it is. Let’s know the ways;
- Ensure Timely Payment:
Timely payment is one of the main pillars of credit score. A single missed payment can make your credit score worse than you think. It stays on your credit report for 7 years as a negative mark. You might think that you will pay two months’ monthly installment together next month. But this is your biggest foolishness. It will not remove your negative mark from the credit report. So, set a reminder or start an auto payment option to avoid late payment or missed payment issues.
- Utilize Your Credit Properly:
Many people make a mistake by using their credit balance more than available credit limits. It decreases your credit score and increases interest rates. Try to keep your credit utilization percentage below 30%. It’s very good if you can make it 10%. Or if you have already made the mistake, then pay down the credit balances fast to increase your credit score. Also it shows your responsible credit holder personality.
- Dispute Inaccuracies Fast:
Errors or inaccuracies on your credit report gradually decrease your credit scores. It drags your both reputation and score unfairly. So, try to review your credit report often from three major credit bureaus;, Equifax, Experian, and TransUnion at AnnualCreditReport.com. If you find any inaccuracies which are not true or inaccurate by mistakes then immediately dispute them with the credit bureau. Submit all your supportive papers to prove your claim.
- Avoid Unnecessary New Applications:
Many people think that opening a new account can bring me relief from bad credit history or continuously making applications for loans will bring me approval. But you need to know that each time you apply requires a hard inquiry on you. Applying multiple times is considered as bad manners or irresponsible behaviour towards the lenders. So, avoid doing this. Rather try to improve your credit score which will help you.
Hire Credit Repair Experts to Get Helped
Rebuilding or boosting your score can feel like a hassle if you do it by yourself. Or you might be lost in the middle of the credit rebuilding process. In this situation, feel free to hire an expert who can boost your credit score by following all the processes with laws and regulations.Whether you live in Florida, New Jersey, California, Pennsylvania, or Virginia, an experienced team of the Great American Credit Repair will guide you in completing the credit rebuilding process with legal activities. Great American Credit Repair has been helping people in fixing their credit since 2008.