Probably all of you know about the fact that, there are three major credit bureaus. Each credit bureau is separately valuable of your credit worthiness.
Due to this reason most credit reports are so-called tri-merge, it is because data from Equifax, Experian, and Trans Union are included in them.
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.
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.
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.
These are difficult times for our economy. Each one of us is feeling the pinch due to increased cost of living. It is getting very difficult to make ends meet. In difficult times like this it is very easy to amass a huge credit card debt. It can happen to anyone. Even to people who have been financially responsible. “Can I just don’t pay my credit card bills?” is the question many individual ask themselves and friends. This option is very much there. It also will give you some extra cash for few months ahead. But following are few of major problems you can get yourself into if you stop paying your credit card’s monthly payments.
This is most scary part of Credit Card Game. Credit Card Companies will constantly call you and demand their money back. Collectors may call you 5 – 7 times a day. They will call you at home, They will call you at work and they will call you on your mobile phone too. There have been some reports that collection agents have been calling bosses, co-workers, and family members (which amounts to harassment and is not legal). They go to any length to get you on phone and when they get you on phone they use a lot of psychological techniques to lure you into giving them checking account numbers and other banking information. They will use every trick to make you pay. One of the well known methods is that they intimidate and threaten you by telling you that they will take your house, car etc. Or they will bring police to your home. all this can be very stressful on some people. You will also start getting letters in the mail from them that may eventually turn more demanding.
Don’t get intimidated by them, Know your rights and report any violations to police and seek help. Most of the credit cards are unsecured so no one can take your car, house, furniture, etc. Worst thing these credit card companies can do is… they can really damage your credit score.
