Did you know by having poor credit that you are missing a lot in life? It's also costing you thousands every year that you didn't even know about. Let me explain. You know with bad credit you could be turned down for home loans, auto loans and credit cards, but that is only the tip of the iceberg.
I was once told that your credit score should be really called your debt score and that made sense to me. The more debt you had the less you could borrow, the less debt you have the more you could borrow. (DEBT SCORE)
So how much debt do you have? Can you afford to pay it each and every month? If you say no, then you need to change how you look at credit / debt. It really is costing you and you don't even know it.
If you have a credit card and have great credit and buy a TV on it, it could cost you as little as zero interest depending on the card. But, if you have bad credit, you could end up paying double for that TV over time because the interest rate the card has given you because of that poor credit.
But, there is more! Did you know that you can be turned down for a job based on your credit score? How about car insurance? Did you know most insurance companies charge more for people who don't have a certain credit score? If you have perfect credit, you could save up to 40% on your car insurance. Don't believe me? Call your insurance agent. You will be in for a surprise!
So, not only could your credit be costing you a new, higher paying job, but thousands in interest and hundreds in insurance payments. For more information on credit repair and home ownership, please feel free to contact me anytime.
Also, here is a free download that can help you better understand your credit and how it can change your life. Can you imagine having and extra $5,000-$10,000 a year just because of a good credit score? It is possible, it just takes some work.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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Todd
No matter what; credit will always control everything even down to insurance.
Sincerely
Tom Braatz
Todd,
Great information and explanation. Credit issues are big concerns right now.
Credit indeed does control so much of our lives. As Tom mentioned above, the insurance companies are using credit scores to determine the type of risk that a potential client is and their likelihood of filing a claim. Those with poor credit do indeed pay more. The good news, however, is if they work hard at it, they can turn it around.
Diane - Most people have no idea and it really can affect our home buying experience.
Tom - It certainly does and can coast you thousands per year.
Monika - This year it is even worse with the three big credit companies changing their policies.
Darleen - You can fix your credit within two years if you work hard. I'm not going to lie it isn't easy, but it certainly is worth it.
Candy - free to share it with your clients, it is valuable information.
Danny - How is his house hunting going? I'm betting unless he went with owner financing, he doesn't own a home right now.
Judy - I've been amazed at how many calls I've gotten because of this post. Most really do want to help themselves get our of their current situation.
Roberta - Enjoy and I hope you learn something from it.