4 Reasons Why Good Credit Really Does Matter

Good credit really does matter, whether Canadians (or anyone) like it or not. It’s imperative to try and keep your credit report clean and maintain a decent score. It impacts everything in life. While it is quite understandable to be knocked around every once in awhile, the goal should be to get back on track as soon as possible. You want to do your very best to save money, invest money and manage your money to build a grand net worth for the future!

Financial experts within the personal finance realm constantly hear about the importance of credit scores throughout the world. But, while it isn’t as important everywhere, you have to be worried about where you reside! You have to pay attention to your portfolio, your identity and your personal finances with a keen eye–that is if you’re going to get to where you want to be financially. Good credit can help you out in a variety of situations, just like bad credit can be morbid for your life. Once again, whether you like it or not–the totality is that your credit score can clearly impact your overall quality of life.

Good Credit Can Ensure You Achieve Goals In Life

A couple smiling at the camera while holding a document

A couple smiling at the camera while holding a document

Below we are going to share 4 critical areas where having a good credit score can help you achieve your goals. This can be anything from having the ability to acquire pet insurance, to being approved for a Credit Union checking account and more.

Your credit score can hinder your job search

It really is sad that a credit score can keep you from the job of your dreams, but unfortunately, it can. If you are a financial accountant, or you work in a bank–your credit can cost you your job, or prevent you from ever landing one. While it just feels wrong that hiring managers look at this aspect of your life, it happens every day. It is just one reason why your credit is so very important. You might have the best skills for a position, and the experience to validate yourself as the ideal candidate, but your money management skills might turn out to be your worst enemy. You can enroll in financial counseling services to turn this around, and doing so can go in your favor too.

When you want to start a business

This one makes sense because you need revenue to begin a business. For most people, they need to try and gain investors, but investors are going to want to know how well you handle your finances and what equity you’re putting into a start-up yourself. In fact, if you go the traditional route for revenue, financial institutions are going to scrutinize every area of your finances. So, you have to stay on your toes with this one unless you have rich friends willing to help. Another shot would be to go through kick-starter, but credit is a huge piece of criteria here.

Making a move and getting utilities turned on without a deposit

Your credit impacts your ability to get your utilities turned on in an affordable way. No one wants to spend a lot of money relocating only to find they have to shell out $300 for an electric deposit, or $150 for their water to be turned on. That is just awful, especially when most have to put up a sizable amount to move to a new place. This is why credit scores are so important to manage on a more domestic level. You want to be able to provide housing to your family, but not break the bank doing so.

Applying for financing for jewelry or other high end items 

If you’re hoping to finance a wedding ring, or engagement ring–or any kind of item such as this, poor credit can have jewelers turning you down everywhere you go. It can be disappointing, but it isn’t the end of the world either. Until you can build up your credit and acquire good standing again you simply have to save to pay for an item like this. Financial experts claim paying cash for these items is smarter than having payments for a few years.

 

 

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