Nobody is going to call you or make threatening noises. There will be no official letters containing warnings of dire consequences. You will still be invited to parties with your friends.
But when you try one of the following things, you may suddenly discover the magnitude of the problem.
When people who do not know you are considering lending you money or employing you for a new, exciting job, they want to know how trustworthy you are. The first place they look may be your credit score. If it's below 670, they won't be impressed. If it's in the 500s, they will consider themselves warned.
Thus, getting a loan – certainly one without exorbitant interest rates – will become impossible. And even if you nailed the interview, you might not get that job solely on the basis of your low credit score.
It's a bad, unhealthy situation to be in.
It is not instantaneous, but in many cases, improvement can be seen in a matter of weeks. The reason is that the process is a very straightforward one:
Negative report items are like heavy boulders in a rowboat. Each one you remove lets the rowboat float a little higher and move faster and easier.
What you don't know may hurt you, and when you do know what it may hurt your feelings! You may see items that are simply false, or have already been resolved and are still weighing down your credit score. There are almost always surprises waiting for people on their credit reports. And they are almost always unpleasant.
You can get your free credit report from Credit Karma, just by clicking here:
Even if your credit score is fair, lenders and credit card companies alike will not give you the best interest rates. Over the long term, you will be spending into the thousands of dollars more than you need to. Getting your credit score into the very good or excellent range, even if paying a service between $50 and $100 for each month of service, will give you lower rates that will save you many times that.
If you currently have debts and credit cards, you can make calculations on our Debt Auditor Financial Independence Calculator. It will show you the financial impact on your current obligations of lower interest rates.
Now available online are powerful services to represent you as you remove derogatory items from your credit reports. This is the time to do it.
Signing up for credit boosting services takes just a few minutes – you can do it now – online, but the impact on your financial and professional life is game changing. You may not feel any impact of a low score at present, but it can cause problems when you needed in the future.