Why You Should Consider Repairing Your Credit
What is your credit rating? Are you in the 700s? Having a score above 670 means you have good credit. The credit score range for a good score is between 670 and 739. While only 21% of Americans have a good credit score, 67% have a score above 670.
Can you believe that? I mean almost 70% of Americans have a score above 670. It’s intriguing because according to cnbc about 54% of black Americans report having no credit or a low to fair credit score which is considered a score below 640. , according to a recent survey of 5,000 American adults by Credit Sesame. About 41% of Hispanic Americans also report falling into this category.
This is where it gets uncertain. Nearly 70% of Americans have good credit, but just under half of minorities have worse credit. Now, I’m not a financial advisor, but I see a pattern in our community that is now within our control. Over the past 10 years, we have seen an increase in credit for black people.
Many successful multilevel marketing brands have launched and even small businesses for credit repair. This is good because it means more people are learning about credit and how to fix their current situation without declaring bankruptcy.
That being said, it might be a good idea to start working on your own. But why? You ask. Good. Having good/great credit can really help you now and in the long run.
Easier approval for rental homes and apartments
Having a good credit score can increase your ability to get approved for that house or apartment you’ve been looking forward to. Conversely, having the wrong one can hurt your ability to complete the mission. The higher your score, the less you worry.
More bargaining power
Has your credit ever been so bad that you went to buy a car and the interest rate was so high that you almost paid twice? If not, keep it that way. There’s nothing worse than making a big purchase that turns out to be even bigger because of a low credit score. Higher credit scores give you the ability to lower a bill and sometimes without any down payment (like cars and cellphone companies)
Get Approved for Higher Limits
Not only do you have a better chance of getting credit card and loan approval when you have good credit, but you can also get approved for higher limits. Most of the time, you will have a very low interest rate because with a good score lenders can be trusted. The higher your score, the higher the limit they are willing to give you.
Again, I’m not a financial adviser, but now would be a good time to start improving yourself with a better credit score. It may take time, but it is worth it.