Credit Monkey - How Important is Credit

How Important is credit?

Credit Score is important

Credit is very important, is your new reputation now days, society became so dependent on it to make purchases and a ton of financial decisions. Having a great score is more than just getting a loan or a credit card. When you apply for any type of loan, or a credit card the first thing they look at is your score and your history.

Your Score is the outcome of careers

Some employers are beginning to do not only back ground check but also a credit check before they even call you in for an interview. Due to being able to trust you with the companies finances and assets. If you have history of not making payments on time, or not being able to keep up with charge cards and balances what makes them think you would be able to keep a good relation with them and their accounting? Once again, Credit is literally the new reputation now days.

It Can Effect Where You Live

Buying a house is important, and its all about location. Even before you buy a house the lender wants to make sure you will be able to afford the mortgage. If it just so happens that you have less than perfect credit, the lender will automatically consider it risky to give you a mortgage loan. Credit reputation is more important than anything. Even if the lender decides to approve you for a loan your credit will affect your interest rate. Lower credit scores will cause a loan application to be disapproved or a if approved at a higher rate.

Meanwhile you might be leasing/renting an apartment, it is still very important. Property owners and landlords also use your payment history to decide whether to rent you out the property or not.

Cars Being Leased Or Financed

Leasing or Financing a car? lets face it sometimes cars give out and its time for a new vehicle. Most people don’t have all the money to put up front for a new car, so they finance or lease it. Leasing or financing any vehicle requires and bank to run a check. This credit check is going to let the lender know if you’re able to lease or finance? If so, how much can you lease or finance? What will your monthly payment be? How much down payment do you need? And most importantly if your credit is once again, less than perfect best believe you will have a high interest rate. On the other hand, if it is outstanding you will be able to get a nicer car with lower interest and cheaper payments.

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