December 2008

One of the most disturbing things I hear often is the statement being made by people:

My Credit Score Went Down, But Who Cares?

This cliche phrase sounds more like saying “Hey, we are all going to die some day” and “I am waiting for Govt.. to bail me out.”  Although there is some degree of truth in those sentences but at the end of day it amounts to denial of responsibility.

In this post I wish to discuss the parts of your life that get very much affected by your credit score. It is not a small part. It affects the whole you. It hits your home, the card you can drive, the things you can buy and even the jobs you can get into. All spares of your life get affected by credit score.

Impact of Credit Score on Your Home

If you ever want to move out of your parents home and get a decent accommodation of your own, you need a pretty good credit score. You will not be taken seriously by any landlord, mortgage broker, banker or a realtor(real estate professional) if you don not have a decent credit score. so next time when your citi bank credit card bill arrives.. pay it on time for the sake of good future home.

Impact of Credit Score on Your Car

If you don’t care about your credit score, don’t complain when you have the same car payment as your neighbours while he drives a new Lexus and you own that rusting old Chevy. This might be an extreme example but missing one or two payments can cost you 4 , 5 and some times 8 percent on your next car loan. so be careful and pay on time.

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Tagged as: bad credit score, banker, Business, car, car loan, car payment, citi bank credit card bill, credit score matter, Finance, good credit score, home, impact of credit score, job, mortgage broker, start a business

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