fbpx
Connect with us

Entrepreneurship

According to the Book Psychology of Credit, Why Is It Important to Fix Your Credit?

You may think that bad credit score will only keep you from getting a credit card or loan, but you go beyond that. Bad credit can leave you homeless, car-free, and jobless. Because more and more companies are using their credit to make decisions. Still not convinced it is time to have your credit work together? Here are some reasons why you need to fix your credit.

Save Money on Interest

Low credit scores generally mean higher interest rates, and that means higher borrowing costs on your credit card balance. Repairing your loan would allow you to get a more competitive interest rate and reduce the money you are paying. Interest.

Stop Paying High Security Bonds

Utilities and even telephone companies will check your credit before allowing you to set up any service. In order to compensate for the risk of default, these service providers charge you a down payment. Get your deposit back. Improving your credit score saves you paying the deposit in full.

 Get a Lower Insurance Rate

Believe it or not, your credit affects your insurance premiums. This includes auto, life and home insurance. Bad credit history means you will pay more for insurance than if you had better credit.

Stop Paying Cash For Everything

If you have bad credit you will have a hard time getting a credit card, which means you will end up paying cash for everything. It may not be a problem until you have to rent something like a car that requires you to leave an additional deposit if you are not using a credit card.

Get a higher credit limit

If you can show that you can pay your bill on time, your creditors will increase your credit limit, but the credit card issuer will check your creditworthiness before increasing your credit limit. You could lower your credit limit by further hurting your credit score by increasing your credit utilization.

Stop the Harassment of Collection Agencies

Repairing your loan involves paying these collection accounts. Until then, you will be constantly confronted with calls and letters from debt collection agencies. When a new collector receives your debt they have to go through the process of sending out letters to stop the calls again.

 Feel Better About Your Credit

After you’ve got your credit repaired, don’t worry about checking your credit score, or worse, getting someone else to check it. You can rest assured that you have a healthy credit score.

Buying a New Home

Home has always been the American dream. Bad credit is the nightmare that is preventing you from achieving that dream. Many banks will not lend you a mortgage until you have repaired your credit.Those who pass it with a high interest rate that makes home ownership much more expensive.

Rent an apartment

A bad credit rating cannot only prevent you from buying a house, but also from renting an apartment. Many landlords are now doing credit checks to determine how likely it is that you will be behind on rent. you receive your rental application rejected.

 Buy a New (or Later) Car

car lenders are one of the many companies that will check your creditworthiness before loaning you out. Without a good credit rating, your car loan application could be rejected and you will have to drive the same vehicle.

Find Marvin Nathaniel Smith JR on Website and Instagram

Sahil is a serial entrepreneur and branding specialist. He also serves as a real estate investor and business consultant. He presently serves as the owner of The Brand Castle - Specialist in Search Engine Optimization (SEO), Web Design & Development and more.

Advertisement

Become A Crypto Expert

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

NFT2 weeks ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

News1 month ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech2 months ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech3 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

News3 months ago

Facebook Goes Meta As It Scales Up Beyond Just Social Media

Thursday 28 September 2021, Mark Zuckerberg, the CEO of Facebook, announced Metaverse, a brand for users to interact in virtual...

JaeLz JaeLz
Entrepreneurship3 months ago

JaeLz “No Titles”

JaeLz I’m an independent singer/rapper and songwriter. My Artist name is JaeLz. This article is about my Journey and how...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.