|Posted by Percy A Lowe on May 23, 2013 at 8:15 AM|
Credit history and credit have become some of the most talked-about topics in money management over the last few decades—and for good reason. Without a good credit history in today’s society, it is difficult (if not nearly impossible) to own a home, own a dependable vehicle, or even get a high-paying job. Not having a good credit score can limit your options on various levels, causing you to remain dependent on others who have learned to navigate the credit system better than you have.
Anyone who has ever filed bankruptcy or gone through the process of bad credit repair understands the devastating effects that negative credit can have on your lifestyle. Not only does bad credit negatively affect things like the cost of your auto insurance premiums and rates for health insurance—things that almost everyone needs—but it also could be a potential barrier to that great job you’ve been wanting. This is because an increasing number of employers are now running credit checks on their potential employees to determine how responsible they are and how trustworthy they will be on their job, particularly if the job involves moving and handling large sums of money.
In addition to your insurance premiums and potential career options, your credit is also a primary factor in whether you can even move into an apartment. Without a good credit score, you will definitely not qualify for a mortgage in today’s restricted lending environment. Add to that the difficulty in finding a space to rent and you could find that you are unable to find a place to live at all without having to put down a significant security deposit or getting someone to co-sign for you.
While everything we’ve discussed above are things that you need in order to live and survive on a daily basis, there are also the things you want. If you have bad credit, you will not qualify for a loan of any type, including a loan for an automobile or home. This situation will seriously limit your lifestyle and keep you restricted to a cash-only system.
Keep in mind that if your credit has suffered in the past, all hope is not lost. With the help of a New You and Credit Education, there are ways to get your credit back on track—even if you have filed for bankruptcy recently. The trick is to focus on repairing bad credit and learning to use credit wisely in the future. BY: Stephen Leifer
Categories: Credit Education and Restoration