You should care about your credit report because your credit report reveals your ability to Keep Your Word
In other words, your Credit Report reveals to the Creditor, if you are the ‘Type of Person’ who can be trusted to meet their financial obligations.
Stop and think about that for a moment
Some guy, some where, in some office, without ever having meeting you face-to-face, or without ever taking the time to ‘get-to-know-you’, will make a decision as to whether to APPROVE or REJECT your application for credit based solely on the information contained in your personal credit report.
Let’s say you have a few late payments or maybe a repossession listed on your credit report and you feel there is a good explanation for these negative marks on your credit report, well, you will never have the chance to tell your side of the story because you will not be present when your credit report is being reviewed.
Are you beginning to see why you should care about your credit report?
Creditors implement their own internal formulas for approving or rejecting credit applications, and if you are starting with a BAD CREDIT REPORT, you are at a great disadvantage, and most likely, will not get your credit application approved.
In addition, a BAD CREDIT REPORT can also affect other areas of your life, such as, your ability to:
- open a checking or savings account
- rent an apartment
- qualify for a mortgage
- qualify for low interest auto loans
- qualify for low insurance rates
- access preferred interest rates
- access exclusive investment opportunities
- qualify for jobs that pay $75,000.00 dollars annually or more
ACCESS TO ALL OF THESE THINGS are largely dependent on a Good Credit Report.
ALL OF THESE THINGS are extremely good reasons for anyone to care about what their credit report says about them.
Your Good Credit Report allows you the privilege to take advantage of prime financial opportunities that could potentially improve the quality of your life.
If you are already the owner of a Good Credit Report, congratulations!
You have proven to be someone who has mastered the art of discipline, a virtue necessary for building and maintaining a GOOD Credit Report.
Now, if you are the owner of a BAD Credit Report, unfortunately, access to many good credit opportunities will simply become very difficult for you to attain, if not impossible.
In addition, if you already have established credit, a BAD Credit Report may cause a creditor to increase your interest rates, lower your credit limit, and even cancel your credit privileges.
A BAD Credit Report may lead to a vicious cycle that prevents you from doing the things necessary to make a better life for yourself and your family.
Fortunately, a BAD Credit Report can be improved, but it will take time, commitment, sacrifice, and yes, discipline.
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