Selasa, 14 Maret 2017

Why You Need Good Personal Credit

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There are lots of things that come to mind when we ask ourselves why we need good personal credit. What are some of the goals you have set for your future? How are you going to accomplish them?
What will it take to get there? I want to go over some of the reasons why having good credit will only help your bottom line.

1) Buying a House - When you purchase a home you're entering into a long-term agreement. You want to make sure you have a great credit score so you're able to obtain lower interest rates and more available credit. By having low credit scores your limiting your ability to dictate to the lender the terms your most comfortable with.
2) Purchasing a car - Much like buying a home when your go to buy a car you need buying power. If you have no money down then you're going to need to have great credit scores to convince the bank you're a low risk. You want the best terms possibly and most affordable for your situation. Make sure you approach the dealership with confidence by having excellent credit.
3) Getting a Job - If you don't know now you do more and more employers and requiring credit checks for new employees. This could be damaging for some. Your credit score can be low for all kinds of reasons. If potential employers pulls your credit and finds a low score they may be more interested in the person who has "shown" stability and a willingness to pay attention. We all know your credit score doesn't tell your personal story, make sure you know where you stand before applying.
4) Starting a Business - This could be crucial if you're starting a business. Lots of Entrepreneurs don't have the best credit but have some excellent ideas. Bringing those ideas to a product or forefront takes time and money. If you don't have the credit score to secure funding for your new business the idea may be parked before it got going. Understanding all parameters of your credit profile before you jump into business will help you.
It's important to have excellent credit scores. If you have been in a credit crunch before then you know it can be a scary thing to face. I know lots of business owners who went to the bank first, got denied, and then couldn't understand why until they saw what the bank saw. It's all about minimizing your risk to the lender. Knowing if your profile fits the lending market requirements is where you need to start first. After you have positioned yourself then you can approach the banks and lenders with confidence.

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