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To start building wealth, most people simply need to
change their mentality.
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on your financial future.
=> Credit Score
Do you know your credit score? Let me back up... Do you know what a
credit score is?
Most people do not know their credit score or are even concerned with
it, until they do to buy something big. We are talking about a car, house,
or land. In reality, your credit score is the most important number associated
with your social security number.
What is a credit score?
A credit score is a number provided by one of the credit beaurus that
ranks your likeliness (risk) to pay or not pay back borrowed funds. Basically,
it is your financial report card's grade point average.
There are three main credit bureaus: Equifax, Experian, and Trans Union.
Each one of these bureaus provide a credit score on you, based on your
financial history of timely or untimely payments. This means each of the
scores will likely be different, based on the historical information that
they have on you, and the algorithm used to calculate the score.
Why is having a good credit score so important?
When you have a bad credit score, financial institutions will not loan
you money (you have no opportunties).
When you have an OK credit score, you can get some loans, but at rather
high interest rates (you have some opportunities, but they will cost you).
When you have a great credit score, you can get many more loans, for
more money, and at lower interest rates (you have more opportunities and
at lower cost).
So basically, when you are responsible with money (which means you
will have a high credit score), people will throw money at you all the
NOTE: not only is a good credit score important when getting loans,
many companies today, will check the credit score before hiring a new employee!
So, in reality, your credit score is more important than your actual job!
Now, there is also something called a credit report. A credit report
is a document containing information of your current credit status and
your credit history. It is important that you obtain copies (one from each
credit bureau) on a regular basis to verify your credit activity! Why?
Because this will allow you to stop or prevent identity theft. This is
so important that in 2002, the US government signed into law, that each
person is to be provided a free credit report anually, from each credit
bureau! To obtain your free credit reports, goto www.annualcreditreport.com
NOTE: DO NOT goto www.freecreditreport.com !!!!
Why not? Because www.freecreditreport.com has been subject to possible
lawsuits due to deceptive business practices (they bill you later continously,
for extra services, if you do not successfully cancel a contract in time).
Read more about the problems with freecreditreport.com.
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