How Bad Credit Can Ruin Your Business and Personal Life

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Credit Expert Elyse Wood

[Path To Good Credit]

You might think bad credit only keeps you from getting a credit card or loan, but it goes further than that. Bad credit can leave you homeless, carless, and jobless. That's because more and more businesses are using your credit to make decisions about you. Still not convinced it's time to get your credit act together? Here are 6 reasons you should repair your credit.

1. Save on interestLow credit scores typically mean higher interest rates, and that means higher finance charges on your credit card balances. Repairing your credit would allow you to get a more competitive interest rate and cut back on the money you pay in interest.

2. Stop paying high security depositsUtility service providers, phone companies, landlords, check your credit before allowing you to establish service. To offset the risk of a default, those service providers charge you a deposit. Making your payments on time will allow you to get your deposit back and pay a lower deposit. Improving your credit score keeps you from having to pay the deposit all together.

3. Get a Lower Insurance RateBelieve it or not, your credit affects your insurance premiums. This includes auto, life, and home insurance. A bad credit history means you'll pay more for insurance than you would if you had better credit.

4. Stop Paying Cash for EverythingIf you have bad credit, you'll have a hard time getting a credit card, which means you'll end up paying cash for everything. It may not be a nuisance until you need to do something like renting a car, where you have to pay an extra deposit if you don't use a credit card.

5. Get a Higher Credit LimitGenerally, as you demonstrate you can pay your bill on time, your creditors will increase your credit limit. But, before a credit card issuer will check your credit score before increasing your credit limit. A bad credit history might get your credit limit cut hurting your credit score even more by raising your credit utilization.

6. Buy A New HomeHomeownership has always been the American Dream. Bad credit is the nightmare that keeps you from realizing that dream. Many banks won't lend you a mortgage until you've repaired your credit. Those that will approve you with a high interest rate that makes home ownership cost a lot more.

Want to feel good about your credit score? After you repair your credit, you won't have to be afraid of checking your credit score or worse, having someone else check it. You can have confidence knowing you have a healthy credit score.

Ready to make a change?  Need Help Repairing Your Credit?

Get Started Today Call Credit Corrector Solutions (877) -335-8865

or fill out our consultation form and schedule a appointment!

 

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