5 Concrete Ways That Your Credit Score Impacts Your Life
There are so many exciting reasons to get out of debt: for example, it can help you free up your personal income, it can reduce stress, and it can help you plan for a more stable future. One benefit of debt freedom that many people don’t even consider until they have gotten out of debt is the impact on their credit score. Though this seemingly abstract number might not always seem like the biggest priority when you are struggling to put food on the table and make ends meet, the truth is that your credit score plays a huge role in many important aspects of your life.
Here are 5 concrete reasons that you should care about your credit score:
- 1. Land the dream job. Although not everyone realizes it, employers are legally entitled to view your credit score as part of their pre-employment background check--and many do. Having a low credit score could make you look unstable (or, worse, untrustworthy) which is why having a good score is very important.
- 2. Buy the car. If you’re hoping to finance the purchase of a car, you are going to need a solid credit score. If not, you could be stuck driving a beater--or even taking the bus.
- 3. Own your own house. As you can probably imagine, if a low credit score is enough to stop you from buying a car, it can also stop you from buying a home. Even renting an apartment generally requires a credit check!
- 4. Start a business. One final category of financing that many people seek at some point or another during their lives: business funding. Without a good credit score, it is going to be very difficult to get that new idea off the ground.
- 5. Pay less interest. If you do manage to get approved for a car, house, or business loan, the amount of interest you pay will be contingent on your credit score.
Ready to get out of debt and begin rebuilding your credit score and your life? Visit Madison Monroe and Associates online today to learn how!