The Far Reaching Effects of a Poor Credit Score
It’s nothing new but there’s a helpful article over at USAToday about the need to keep a good credit score.
This snippet was particularly poignant:
“In response to a sharp rise in foreclosures, mortgage lenders have tightened their standards, leading to an increase in rejected applications.
In addition, interest rates have been rising in recent weeks, so even if you qualify for a mortgage, you’ll probably pay more for it. That means it’s more important than ever to make sure your credit score is in good shape. A credit score is a mathematical model that analyzes information in your credit report. Lenders use credit scores to gauge the likelihood that you’ll repay your debts. A good credit score can save you thousands of dollars in interest over the life of your loan.”
This is so true, and it doesn’t stop with Mortgages. Hiring cars, personal loans and even business loans can be made more expensive if your credit score doesn’t come up to scratch.
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