Why Credit Score matters to you?
- The Miracle Number:
Your credit score can be safely termed as the miracle number. If it's high, red carpets are laid down for you and you are taken for a walk in the park. If it's low, you see the world in grey tainted glass. This three digit number holds immense importance for you in your financial matters; implying your fortune - your life.
- You've got the whole world in your hands:
We have been able to shrink down what a good credit score actually implies in a one-liner above. Yes, this is true - with a good credit score you qualify for the best rates and terms. Lenders love you. Your high credit score is like your free ticket to the most exotic holiday spree:
- You've Got Mail: Your mailbox is constantly flooded with low rate offers from credit card issuers and mortgage lenders who want to fight for your business.
- Dream a little dream: Not only this, but you also get the best deals on auto financing when you want to buy your dream car.
- Street smart: Get cheaper premiums and better apartments.
- It's my way or the highway: Bargain with banks and other financial companies to get loans with the lowest interest rates on your own terms and demands.
- Home sweet home: If you want to improve or build you home, you would get the best deals in home loans.
- Be business savvy: You can even start up your own business through a small business loan.
- Freedom: Most of all enjoy the freedom and ease of mind in your financial matters.
- Alone, Alone and Alone!:
This is how you exactly feel if your score is low or minimal. You are shipped off to a scary place where mainstream credit is impossible to fine. If still the skies are kind enough to send a lender to come your way, the rates and fees associated with the loan are ridiculously high. A bad credit score can cost you tens of thousands or even hundreds of thousands of dollars.
- How did this come so far?
Going down the bad credit score lane is possible even with a single wrong turn. Sometimes, all it takes is a single missed payment to blow off 100 points from your credit score. This automatically puts you in any lender's high-risk category.
