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Why is good credit important?
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Like it or not, your credit score says a lot about you. And poor credit is costly. 
  • People with low credit scores pay higher auto insurance and cell phone rates.
  • More and more employers are pulling credit before extending offers of employment (60% in 2010), thus negatives like accounts in collection, foreclosure, bankruptcy, "excessive" levels of debt or even a few missed payments may equal a missed career opportunity.  Federal employees and members of the military may lose their security clearances, their jobs and their pensions.  Other professionals may lose their licenses to practice.
  • Low credit scores will mean higher borrowing costs.  Over the course of a 30 year mortgage, a borrower with a decent credit score paying 6% on a $100,000 mortgage pays $43,000 more for the same house than the next door neighbor with a great credit score paying 4%

<NEXT:  How is your credit score composed?>
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