How Important is Your Credit Score?

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.

Don’t wait. Contact our Sherman Oaks bankruptcy attorneys at Wadhwani & Shanfeld today and see what we can do for you!