Establishing or reestablishing good credit is important in all aspects of yours and your family’s life. Building a solid credit history and maintaining a high credit score can have a dramatic impact on your quality of life.
- Loans. Whether you plan to buy a car, a home or start a new business, having a good credit history goes a long way toward securing your loan and getting the best rates. Credit matters even with insurance, which of course you will need for your house, car or business, your credit history influences the rate quotes.
So, even if you are not considering a homeowner’s or small business loan, bad credit can be a real game changer:
- Job Search. Contemplating a change in job or career? Your next potential employer may consider your credit worthiness or lack thereof, to be indicative of your work ethics and whether or not their prospective employee is responsible, mature and trustworthy.
- Children. Additionally, if you have children, you should want to set a good example for them, as this will be their key to their financial future. Children often emulate their parents; your money management style will most probably affect theirs. Someday you or your children may also have to apply for student loans for college.
Everyone makes mistakes or hits upon hard times, experience an injury or job loss due to no fault of their own or just lack the knowledge to be fiscally responsible. The recession caused foreclosures, but now the housing market is rebounding. However, the banks are cautious about lending money, and have more stringent requirements in order to qualify for a loan. The good news is, there is still hope and it is never too late to turn your situation around.
What to do… Take the time to make a commitment to yourself to improve your credit standing which may include filing for bankruptcy in order to get a “do over”. For experienced bankruptcy attorneys providing the best advice and representation, contact Feldman Law Offices to schedule a consultation 610-530-9285. Let us help you!
Please note: The hiring of an attorney is an important decision that should not be based solely on advertisements. Further, prior results do not guarantee a similar outcome. The laws change. Each case is different. This blog and website is designed for general information only. The information presented on this site is neither formal legal advice nor the formation of a lawyer/client relationship.
If you want better interest rates to save yourself money in the long run, keep that credit score high. Work to repair your credit score by making house and car payments on time, paying off loans before the end of the loan period, and paying off your credit card in full each month.