Why should I
get my credit score?
This is one
the most important financial questions you can ask yourself. Your
credit score determines many things in your life. Having a higher
credit score can open up many more doors for you.
Let’s just pretend for a moment
that you have four children with bad credit. With a bad credit score,
your decisions in life could be really affected, especially if you are
a certain age.
Let’s say that you need to borrow
money for
some reason and because your credit score is not where you would like
it to be, you get stuck with a high interest. You and your spouse have
also been thinking about putting money away for your children for
college.
You want them to have a better life
financially than you.
Because you now have to pay $175.00 extra a month because of your
credit score, you can put the desired amount aside for your
children’s college funds. All of that money could have been
put in a tax free college fund.
Sadly, this is only one possible
scenario of what bad credit can do to your life. Unfortunately, when
you have bad credit it kind of has a domino effect on every aspect of
your life, not just financially. Just think how much money you could be
saving annually if you had a higher credit score.
Perhaps you are one of those luckier people
with a high credit score. Because of your hard work and wise financial
choices, you are saving an extra $200.00 per month.
If you are putting
that into a tax free account for all of your four children, that will
add up quickly, especially if your children are young.
It is true that life sometimes throws some
curve balls, but knowing how to deal with them is the most important
factor. Most people aren’t aware of their credit score. If I
were to offer any advice, it would be to know your credit score. I get
my credit score annually so I know what financial options I have.
Your credit is not only your life, or
influences many aspects of your life; it is also your
children’s. When I get my credit score, I make it a priority
to look over my report to make sure there are no discrepancies or
errors. These can also affect your score. I make it a priority to be
informed and so should you. If anything, do it for your family.