Disclaimer: The following is a sponsored post by Lexington Law. All opinions are 100% my own.
Your credit score acts as a huge determinant when it comes to some of the most important things in life. Your living situation, interest fees, options on credit cards, and a lot more heavily rely on what kind of credit score you have.
I've personally always had decent credit, but until 2 years ago I decided to do my best to increase my credit score for reasons shown below. By doing this, I've made sure I get the best interest rates, options on credit cards, and apartment options.
Lexington Law has more than a decade of experience acting as advocates for consumers who need help repairing their credit and making sure they have a fair, accurate, and substantiated credit report.
Lexington Law has challenged virtually every credit problem, which has aided in removing millions of items off credit reports. Once Lexington Law receives your credit report, attorneys and paralegals review and work on your case. Specific credit repair strategies will be assigned to your case.
Paralegals are available by phone, email, and the website to ensure you get the needed assistance you need and to answer any questions you may have regarding your credit report.
Below are 7 reasons to repair your bad credit and monitor it regularly.
1. Saving on interest rates
When buying a car, most people need a loan in order to purchase a car.
In order to be approved for a loan, a lender will check the individual's credit score to figure out the interest rate for the loan. If the consumer buying the car has a low credit score, it may be difficult to get that loan.
Depending on your credit score will likely determine what kind of interest will be placed on that loan. As you might have guessed, a higher credit score usually means a better interest rate, which will save you money.
If you credit score is low, the lender may also make you pay a larger down payment.
2. More credit card options
There are plenty of credit cards out there, but you may not be eligible for many of them if you have a low credit score.
If you're someone who has bad credit, you'll most likely be stuck with a credit card that has interest rates and rewards that don't do you any good.
When you have a good to excellent credit score, you may be eligible for credit card rewards that include free hotel accommodations, flights, and incredible cash back rewards.
3. Finding an apartment
Nowadays, apartment complexes require credit score checks because landlords want to make sure their new residents are responsible with paying bills. Your credit score acts as proof that you are responsible with your money.
4. Getting a job
Did you know that many jobs out there now require a credit score check?
You may be wondering why, and it's because employers look at bad credit as a sign of disorganization and a lack of responsibility.
A low credit score could potentially cause you from getting a job, which is why it's crucial to keep a good credit score.
Usually, in a relationship, you'll end up making decisions to purchase big-ticket items. These items usually require a credit score check.
If you have bad credit, this will make it very hard for you and your significant other to get that item together, which may cause a strain on the relationship.
6. Purchasing a home
When applying for a home loan, the higher your credit score the better.
A high score generally means a lower interest rate, which can potentially be thousands in savings over the course of years. The lower your credit score, the higher your interest rate.
7. Launching a business
If you have your eyes set on starting your own business one day, you may want to make sure your credit score is in good shape.
A poor credit score can be a warning sign to lenders to not give you money. Lenders will question if you can pay off your loan with your credit score being poor.
Lexington Law has helped hundreds of thousands of clients remove inaccurate and unverifiable items from credit reports such as late payments, collections, charge offs, and more.
If you need assistance with filing disputes or challenging specific items on your credit report, learn more about Lexington Law here and start getting the help you need today.
Did any of these reasons for repairing bad credit surprise you? Tell us in the comments!
In a nutshell:
1. Save on interest rates.
2. More credit card options.
3. Better luck finding an apartment.
4. Getting a job.
5. More peace in a relationship.
6. Purchasing a home can have lower interest rates.
7. When launching a business, getting loans will have better interest rates with a higher credit score.
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