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Your credit score plays an impacting role in many areas of your life. Consider the following've located a new home that is ideal for your needs. Not only are all the amenities that the house has to offer exactly what you want, the local neighborhood is nice and the schools are great.

You have made an offer on the house and it has been accepted. You begin the closing process by opening an escrow account.

You then get a call from your mortgage broker, informing you that you do not qualify for the interest rate you were quoted last week. The reason is issues with your credit score. Specifically your credit score is too low. As a result, your interest rate is going to be 1.5% higher, resulting in an increase of $500/month on a $200,000 loan!

What are you going to do? You can not afford to live in this house, and even worse, you are going to lose the nonrefundable deposit check you wrote. This is all a result of having a low credit score! Learn more about credit and mortgages.

Buying a home is one of the largest purchases you will ever make that is based on your credit. However, buying a home is not the only instance when your credit is a factor.

There are many instances when your credit will pay an impacting role. For example, credit will influence your chances for renting an apartment, getting a car loan and applying for a credit card. Your credit will even influence that auto insurance rate you receive or the job you get. Learn more about who looks at your credit report.

In conclusion, whether you are going to buy a new home, car, or get involved with anything where credit will play a factor, it is important that your credit score is optimized. Learn what you can do to build your credit history

Read more about the value of credit.

Top Related Stories:
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