I couldn’t remember if we had spoke about this or not, but with selling my home and attempting to establish myself this subject keeps coming up. Even now I don’t completely understand, but I know it’s a necessary evil if you can’t afford to pay cash for items like a house or car. Depending on your credit score you can be approved for a business loan or even walk off a dealership without putting anything down. So why don’t we know what this is and how to use it? With that being said the following blog post today’s going to cover some highlights and give you a better chance to get out of this thing in one piece.
- Credit is the process of receiving something of value now and promising to pay for it later. Often lenders will add finance charges and interest. This is how they make money and hold you accountable.
- It’s important to care about your credit score and make sure it is high as you’ll need it to get the best deals on cars and home mortgages. Typically the worst the score the higher the interest. In Washington state your interest can be as high as 30%. 🙁 Potential employers, landlords, utilitiy and cellphones companies may look at your credit before dealing with you.
- Credit cards are an easy and typical first step in building credit followed by a car loan. Now just because these things may appear easy to get doesn’t mean you should without doing your research. So make sure to ask questions and find out what your options are before getting into something serious.
Now that we’ve just scratched the surface I’m going to leave some links you should check out for further information. Take this serious as early as you can because 10 years from now theres not going to be an excuse good enough to get you out of the shit you should have been out of by then.
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