Credit Score Ratings - Can it Really Make Any Difference to Me?
Not enough people think about one of those things that has a massive effect on their life-their credit score ratings.
They often learn about it after it is too late and pay dearly for it.
You see you start forming your credit score as soon as you become a regular consumer which for a lot of people is during High School and for nearly everyone is at least by the time they enter college.
The dilemma is that they don't consider what this mysterious entity is all about and make decisions that they rue financially.
It seriously is a shame that more of this financial mumbo jumbo isn't taught to people in high school.
The trouble is that it is not just a problem of young people and so their teachers might not have the foggiest either.
So what are credit score ratings? Well, it is a figure that is used by potentially essential people in everyone's life.
It is used by banks, by credit card companies, by mortgage lenders, by landlords, and by almost everyone else who can stand to profit from associating themselves with fiscally reliable people.
So it is a number that attempts to calculate how well you use your money.
Sadly there are things that you can do that don't essentially reflect on your level of responsibility economically but that will lower your score.
For example applying for too many credit opportunities (i.
e.
to take advantage of the 10% discount that you get on a purchase for doing so, or to get a free t shirt in college - totally not worth it!).
An added thing that will kill a credit score is being late on something.
You can just do it once and take a big hit in your score and a lot of people just don't consider the kind of effect it will have on their credit rating.
Another issue is disputed charges.
Frequently a person will be wrongly charged for something or have other disputes about a fee and end up not paying.
Many times the amount of money in question is not worth the harm that it will do to your credit rating and the consequential extra costs that this incurs.
So what are the advantages of having an admirable credit score? Well people are more disposed to loan you money and on better terms (i.
e.
lower interest rates, cash back deals, interest free periods, etc.
) You are also looked upon more positively by landlords and other vital service providers.
You get better deals on insurance, better interest rates on home mortgages, car loans, and on and on.
Take my suggestion and be very conscious of your credit rating and work to improve it.
Pay your bills on time all the time! Get your score frequently and make sure that it contains no errors.
Borrow only when that's what you need to do and in amounts that fit your requirements.
Keep track of your spending and spend within your capacity.
Don't use credit cards unless you are going to pay off the balance each month or you are able to at least make the minimum payments.
By paying your bills on time, not applying for every credit card presented, and keeping track of your credit score ratings, you will have benefits that somebody with little or now credit might never comprehend.
They often learn about it after it is too late and pay dearly for it.
You see you start forming your credit score as soon as you become a regular consumer which for a lot of people is during High School and for nearly everyone is at least by the time they enter college.
The dilemma is that they don't consider what this mysterious entity is all about and make decisions that they rue financially.
It seriously is a shame that more of this financial mumbo jumbo isn't taught to people in high school.
The trouble is that it is not just a problem of young people and so their teachers might not have the foggiest either.
So what are credit score ratings? Well, it is a figure that is used by potentially essential people in everyone's life.
It is used by banks, by credit card companies, by mortgage lenders, by landlords, and by almost everyone else who can stand to profit from associating themselves with fiscally reliable people.
So it is a number that attempts to calculate how well you use your money.
Sadly there are things that you can do that don't essentially reflect on your level of responsibility economically but that will lower your score.
For example applying for too many credit opportunities (i.
e.
to take advantage of the 10% discount that you get on a purchase for doing so, or to get a free t shirt in college - totally not worth it!).
An added thing that will kill a credit score is being late on something.
You can just do it once and take a big hit in your score and a lot of people just don't consider the kind of effect it will have on their credit rating.
Another issue is disputed charges.
Frequently a person will be wrongly charged for something or have other disputes about a fee and end up not paying.
Many times the amount of money in question is not worth the harm that it will do to your credit rating and the consequential extra costs that this incurs.
So what are the advantages of having an admirable credit score? Well people are more disposed to loan you money and on better terms (i.
e.
lower interest rates, cash back deals, interest free periods, etc.
) You are also looked upon more positively by landlords and other vital service providers.
You get better deals on insurance, better interest rates on home mortgages, car loans, and on and on.
Take my suggestion and be very conscious of your credit rating and work to improve it.
Pay your bills on time all the time! Get your score frequently and make sure that it contains no errors.
Borrow only when that's what you need to do and in amounts that fit your requirements.
Keep track of your spending and spend within your capacity.
Don't use credit cards unless you are going to pay off the balance each month or you are able to at least make the minimum payments.
By paying your bills on time, not applying for every credit card presented, and keeping track of your credit score ratings, you will have benefits that somebody with little or now credit might never comprehend.
