Your Credit. ?
Why is your credit important to you?
Think about your future goals and what impact this can have.
what steps you will take to begin building or increasing your credit.
The conceptualization of the credit score in the current American society is that it is a three-figure code that vitally determines the potentiality of repaying a loan if qualified for one. The credit score puts into perspective all the financial transactions, taking into account all the debts that have been paid and those that are still pending. As such, the credit score has become significant that it acts as the backbone of an individual’s financial life.
Significance of Credit
As reflected in the above description, the credit plays numerous vital financial roles within the lifetime of an individual. From an individual perspective as a young person, I am not financially stable, and good credit comes in handy in the securing of a loan. The credit score is used when one is applying for a student loan. As a person who has set my eyes firmly on advancing my intellectual scope, I need good credit to secure the student loan. The role played by the credit score, in this case, is to indicate my willingness, commitment, and the capability of repaying the loan on time. Significantly, I will also need a mortgage in few years, an aspect that makes the maintenance of my current credit very essential. Bad credit will jeopardize my chance of having a smooth life as in the current era, landlords, as well as potential employers and insurers all rely on credit information for them to transact with somebody. My objective is to ensure that my credit remains good for a better financial future.
Steps to Build and Increase my Credit
Financial analysts point out that there are numerous ways through which an individual can ensure good credit. I am very keen to adhering on the strategic ones. The best way to efficiently maintain a good credit score is through saving. As simple as it sounds, the experience of the masses shows that saving requires dedication and the commitment to succeed in future. Several saving schemes and plans have been improvised by financial pundits. However, I will stick to a personalized mechanism, which regardless of being unconventional, suits the achievement of my goals. I will start by saving the little that I have, an undertaking that is poised to bail me out of risky situations that jeopardize the credit score. For instance, it is evident that individuals with good savings enjoy superior financial freedom. Such individuals do not feel the need to borrow payday loans, which when failed to be cleared, reflect badly on their credit score. Significantly, with good savings, an individual can pay for small emergencies, especially the medical ones. Putting all these factors into account, initiating a saving mechanism is a sure way of building on my credit. Even in scenarios that I will be in need of loans and related utility services, the savings will guarantee my capability to repay or gain access to the services.
Other specific aspects underlying building a good credit score include paying bills on time. This is one of the practical steps that I can undertake to ensure that my credit score does not become poor. Even if I will fail to clear all the bills at once, the strategy is to ensure the remaining balances are low and that I continuously make the payments on a regular basis. Having a good credit score is the backbone of economic success in the country, and I intend to use the indicated strategies to maintain a good score.
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