Good Credit Matters

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Replied by hjm331 on topic Re: Good Credit Matters

Good credit is the key to financial success nowadays!
11 years 9 months ago #1
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Replied by Meya on topic Re: Good Credit Matters

LOl, you are so correct!
11 years 9 months ago #2
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Replied by smcc on topic Re: Good Credit Matters

You know Meya your right. Its not how you appear to the financial officer at your bank, CU or other financial institution, its your past credit history. How many times Meya have you been out or been with a friend who say was dressed in sweats who walked into a bank and was looking for a loan. Now by outside appearances he didn't look like he could pay attention let alone pay a loan back. As soon as they started the paperwork and checked his credit and realized he was well over 700 in all three scores, then all they see at that point is the bank making money off the loan they are about to approve ! You could have been dressed in a Toga, it would not have mattered at that point (LOL)!

Then on the flip Meya, I'm sure the bank has seen everything too.......
11 years 9 months ago #3
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Replied by Rockin35 on topic Re: Good Credit Matters

This was a good posting thread, I read what everyone has wrote, and I think its fair to say that I've learned more from peoples experiences as opposed to reading all of these CNN and WalStreet Forecasters/Analysts reports.

11 years 9 months ago #4
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Replied by Meya on topic Re: Good Credit Matters

Only in America! It took me years to understand what good credit ment to me as an individual. When I was in my 20's, I abused it and when I was in my 30's I got smacked in the face with it. What I did as a child haunted me when I was trying to move in the "Fancy" townhouses and had to put up a higher deposit because of it. Turthworthiness not only comes from the mouth and visible actions, it also comes from your financial responsibilities as well.

It's weird how someone you have never met (such as creditors, apt owners, banks...etc) will judge you by your credit. They dont care about the flamboyant outfits or how you appear to look from the outside, they care about what no one else knows unless you tell them "Your ability to pay back!" That is the best feeling on earth. If i knew then what I realize now, I would probably have been living in my own home and bills would have been a whole lot cheaper.

Nice posting!
11 years 9 months ago #5
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Replied by smcc on topic Re: Good Credit Matters

Thing is credit has never come closer to cash as it has now. Try renting a car with cash, reserving a room with cash, purchasing an airline ticket with cash and online shopping isn't possible without credit.

The good thing is you can always working on repairing your credit and move forward. I have been very fortunate with credit but it comes after years of research, making the decision to pay my bills on time and forsaking other things that I wanted till I could afford it. Finance Globe has also been a repository of information that we all can benefit from.

I'm sure we have all heard that saying "Buy what you can afford until you can afford what you want to buy" It never rings more true than in today's world.
11 years 9 months ago #6
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Replied by Rockin35 on topic Re: Good Credit Matters

Good Credit does matter! Absolutely, a lot of what you wrote is very true in several cases of working Americans. The problem that "Good Credit Folks" are facing, is ....holding on to that good credit. I am struggling as we speak, as AT&T is cutting out departments and of course outsourcing, I've cut back by elminating my home phone, removing basic cable, 2 of my monthly credit monitoring services, cutting down on "un-necessary"trips outside of work until gas prices drop lower than ($3.50).

It's very frustrating that citizens will be so "Conditioned" to believing that $3 per gallon is actually "cheap" gas when in essence gas prices should really be around the $1.41 cent range (according to Economist Analyst-Business World). Anyways, getting off the subject.

My point is, in an effort to keep your credit rating, you have to maintain a sufficient monthly payment and on time. In order to do this, some things are gonna have to be eliminated if we expect to keep our houses, cars, life insurances etc.

I guess it's true that now more than ever, we will have to try our best to use credit ONLY when it's absolutely necessary and unavoidable and save money whenever possible.

11 years 9 months ago #7
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was created by KIEJON9

Society is becoming increasingly dependent on using credit to make purchases and decisions. These days, good credit is used for more than just getting a credit card or a loan. More and more businesses are making the case that your credit should be used to make decisions about extending goods or services to you. Shelter

When it comes to where you live, your credit is important. Mortgage lenders want to know that you won’t default on your mortgage. If you don’t have good credit, the lender will consider it risky to give you a mortgage loan. This could result in a higher cost of borrowing or worse, a denial of the loan.
Don’t think that because you’re not on the market for a new home, that your credit won’t be called into question. Your credit is used for rental decisions, too. Landlords consider your lease as a loan. You’re being loaned a place to live and the landlord wants to know you’ll pay back this loan. If you have bad credit, you can get denied for an apartment.

Unless you have the cash to purchase a car, you’ll have to get a loan. Your credit not only affects whether or not you qualify for a loan, but also the amount and interest rate of the loan. Generally, loan applicants with good credit qualify for larger loan amounts with lower interest rates.

Many employers conduct credit checks as a part of the hiring process. If you haven’t demonstrated financial responsibility, a prospective employer might be hesitant to hire you. For example, the employer might believe your level of debt is too high for the salary offered.

Many people have dreams of starting their own business. Most business startups require a sizable amount of cash that you might not have available. In that case, you’ll need to obtain a small business loan. Among other things, you need to have good credit to qualify for the business loan.
Utility Services

It might be somewhat shocking to learn that your credit is needed to establish utility service. Your electricity company contends that you’re borrowing one month of electric service. So, before turning on your electricity, the company will check your credit. This applies to most utility services including cable, telephone, water, and even cell phone.
Since your credit is defined by how you’ve paid (or not paid) your bills in the past, many businesses – landlords, mortgage lenders, utility providers, and even employers – use your credit to predict your future financial responsibility. Anytime you need to borrow money, or even services, your credit is called into question. This is why maintaining good credit is so important.
11 years 9 months ago #8