“Raise Your Credit Score” Excerpt
Today I’m sharing an excerpt from “Raise Your Credit Score the Right Way“, volume 3 of my 5-volume Simple Guides series. Optimizing your credit score is surprisingly key to saving money and opening doors. If you’re inspired to read more, click on the link in the previous sentence or at the end of the excerpt.
And if you’d like to read any Simple Guide but cannot afford the modest price, I’ll consider emailing you a free digital copy if you send me a note and explain your circumstances. Really!
“Raise Your Credit Score the Right Way” Excerpt
Nearly all of us, whether or not we have ever borrowed money, have a credit report and credit score. Credit scores affect nearly everyone, not just would-be borrowers. For example:
- Many employers ask for permission to run a credit check on job applicants. You could legally be turned down for a job solely because of poor credit (or because you decline to give the employer permission to run a credit check on you).
- Almost all landlords (including me) review tenant applicants’ credit ratings. If you don’t measure up, you may find that your only options for a rental home or apartment are far less desirable than you would like.
- Might you need in the future to have utilities hooked up? When you last relocated and called the local electric utility to set up service, it likely ran a credit check on you. If your credit score failed to meet the utility’s standards for establishing credit, you would have been asked to make a hefty deposit.
- Do you own your home? If so, when you applied for home insurance, more than likely you gave permission for a credit check, though you may not have noticed the consent statement in the application’s fine print. Insurers consider credit history to be an indicator of your insurance risk: the poorer your credit score, the higher your premium. Or you might be turned down for insurance altogether!
- How often does reality turn out differently than our plans? That happens to me just about every day! You may not be planning to borrow money, but your car may konk out tomorrow, or an unexpected opportunity may come along for which you would need to borrow money. Bad credit limits your options.
- Many retailers and car dealers offer credit-worthy consumers cheap or even zero rate financing on large purchases. If your credit score doesn’t meet the business’ minimum qualification standard, you would not be eligible for these sorts of money-saving deals.
If your credit score has not had a big impact on your life yet, it’s only a matter of probably a short time before it does. And credit scores do not heal overnight. Building a stellar credit rating takes time.
To learn more about how you can easily optimize your credit score, click the image below!