The Credit Spider

spider spinning web

I am calling this blog The Credit Spider  because your credit history has many legs (it impacts many areas of your life )  and like a spider's bite,  bad credit hurts,  you can recover, but its painful along  Recovery Road.   


 We depend on a little, (some might say gigantic)  three digit  number for so many important things in life -- whether it's for a major purchase like a car or a house, or your student loan, a retail purchase, or finding an apartment      This three-digit number -- your credit score -- can determine whether you can do these things and even how much it will cost you.

dice with different credit scores

How can a simple number determine whether you can buy a house or car? Your credit report contains a history of how you've paid your bills, how much open credit you have, and anything else that would affect your creditworthiness. Your credit score boils down all of that information to a three-digit number. Using the credit score, lenders can predict with some accuracy how likely you are to repay a loan and make payments on time. It's how retailers can offer instant credit.

This incredibly important number, which affects how much you pay for credit, insurance and other life necessities, used to be hidden from consumers. Until recently, only lenders and other businesses that used the score could access it. Now you can view your credit score -- for  free -- from credit reporting agencies and credit monitoring services and consumer credit web sites among other places.

sign road to good credit

If you  only choose take one action to get ahead  financially make that  improving your credit score.

What? Is this  better than saving for an emergency  or retirement?  If you improve your credit  score
you will

1.  Pay less (much less)  for credit....loans etc
2.  Have eliminated costs like late fees etc ( you are paying your bills on  time)
3. Probably have a lower credit card balance ( you are  managing it)
4. and more

The result is that you now have much more of your cash monthly available for what you want to do  save for retirement  take a vacation etc. Remember it's your credit  history  that  drives your score,  That's why this  week we focus on  understanding your credit  history . Your actions can change your credit history and when you see the results in front of you, on a screen  you are more likely to take action. 

No one is saying its easy  but every little change you make to improve your score starts putting money in to your pocket.  

flies escaping spider web

 When you proactively monitor your credit  history and  credit score

1. you have already created a mindset that  will allow you to think through decisions  you plan to make  and make the ones that are in your best financial interest.
2. help protect yourself from credit fraud and identity theft. 

Break free of the Spider's Web of Bad Credit !!!!