Have you ever considered how important your credit score can be? Oftentimes,
individuals do not consider the impact of a negative or positive credit
score. However, it can be the deciding factor in many cases. To help you
understand, we have listed three points regarding how your credit score
can affect your life.
1. Your Credit Score Can Determine the Cost of Large Future Purchases
In many instances, a lender or insurance agent will examine your credit
score to decide the price of a product they are trying to sell you. For
example, when you apply for your first car loan, the bank may run your
credit score to determine how much interest they should charge you. If
you have a low credit score, they may charge you with a significantly
higher interest rate.
2. A Low Credit Score Can Be Difficult to Raise
One large error on your behalf can negatively impact your credit score.
For example, if you forget to pay a bill and it is transferred to collections,
you may experience a detrimental drop in credit score points. It can take
many years of good payment history to improve a ruined credit score.
3. A Bad Credit Score Can Influence Your Ability to Find a Place to Live
Many landlords will check your credit score before giving you a final decision
as to whether or not you can become a tenant. Most landlords will not
allow individuals with low credit scores to move into their properties.
In addition, it can be extremely challenging to purchase a home if you
are experiencing a low credit score. A bad credit score can keep you from
qualifying for a mortgage.
Wadhwani & Shanfeld Can Help You
No matter what caused your financial troubles,
the Sherman Oaks bankruptcy lawyers can help you get back on your feet. At our firm, we understand how difficult
it can be when a person suffers from a low credit score and debt. That
is why we are here. We are knowledgeable in all aspect of finances and
can get you on the path to a successful and brighter future.
Contact our Sherman Oaks bankruptcy attorneys at Wadhwani & Shanfeld today and see what we can do for you!