Is Credit Important?...Should you build Yours?

In the United States, getting health insurance, life insurance, some phone services, purchasing a car, and even successfully gaining employment, will in many cases, require an individual's credit to be reviewed.

This applies to most of the population; however, being subject to credit approvals can be avoided by individuals who make/have large sums of cash.

For those that don’t fit in this category, building and maintaining a high credit score is a necessity.

Unfortunately, maintaining a high credit score is not always possible for everyone.

Here are two scenarios that shed light on some reasons why:

Scenario 1:

An individual has an unfortunate event happen to them.They used their credit to bail themselves out. And then they become unable to pay their debts, ruining their credit in the process.

Scenario 2:

An individual tries to get a phone, a car, a home, health insurance, or even a job. They get denied.They find out 30 days later via mail that their credit is the reason why they were denied.

Imagine getting a health insurance rate that is unaffordable due to bad credit; health insurance companies legally have the right to raise rates for individuals with poor or little credit. Same goes with life insurance, car loans, credit cards etc...In order to avoid spending extra on interest charges, you must build great credit.

For this reason we can say that most, are FORCED to participate in the credit system.  

Benefits are limited/withheld if for those that don’t have great credit.  This is because credit is what exists between lawsuits and bankruptcies. As a person taking out loans and debt, you could eventually file bankruptcy and legally shake some of your obligations to repay your creditors. On the flip-side, creditors can sue you in a court of law in order to recover monies that they are contractually owed. In order to keep people honest, without tons of lawsuits, the credit system was created.

All you need to do is learn how to play by the rules.

If you don’t know how, getting a Personal Financial Guide to BUILDING GREAT CREDIT can help you build and maintain high credit scores for you.

Poor credit score can become a thing of the past...

...consider getting the tools it takes to -- improve a credit score, and -- to improve overall financial well being.

Start a building a credit score you can be proud of here: recbusiness.com/personal-credit