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Clean Credit

Why wait to clean up your credit?

If cleaning up your credit is low on your list, you might want to consider doing a little reprioritizing. Sure, you know that having bad credit is a hassle, but you might not fully appreciate the impact it can have on your life. You might be satisfied with just getting by, but do you know what opportunities you might be missing because of your bad credit? You'll probably be surprised to find out just how much bad credit is holding you back. Luckily, it's not as hard to clean up credit as you might think.

When it comes to your credit score affecting your life, some things are more obvious than others. Having your loan application denied because of bad credit won't go unnoticed. But say you are approved for that mortgage or line of credit. Did you realize that all interest rates are not created equal? You might be paying several percentage points more than someone with good credit. Over the life of the loan - especially if it's a home loan -- you could end up paying tens of thousands of dollars more in interest than someone with good credit.

Does it seem like you just can't get a good rate for an insurance policy, whether it's for car insurance, home insurance or health insurance? It's not just that insurance costs have gone up; it's very likely that your insurance company is factoring your credit score into the equation when they calculate your premiums. In some cases bad credit could even double insurance premiums! It might not make much sense to you, but it does to insurance adjustors. It's assumed that people with good credit -- those who manage their finances responsibly -- will also act responsibly in other areas of their lives. In other words, as insurance companies see it, good credit translates into safer driving, better home maintenance, and healthier lifestyles.

That's not the end of the bad news if you have bad credit. If you think the person who got the job you wanted was simply more qualified for the position, you might be wrong. All other things being equal, an employer is likely to choose the job candidate with the higher credit score. In the career world, your credit score is seen as a measure of responsibility, reliability, and trustworthiness -- not just when it comes financial matters but in terms of employee performance. This is where your credit score could REALLY hit you in the wallet. It could be hard to calculate exactly what bad credit will cost you if it means you don't get that job that could have put you on an upward career track -- and over the years put hundreds of thousands of dollars more into your bank account.

This all sounds like bad news, but the good news is that you can do something to change the cost of bad credit in your life. So, what are you waiting for? Stop losing out and start cleaning up your credit today.

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