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credit worries

Why You Need to Be More Worried About Your Credit

When it comes to your credit, what you don't know can hurt you. If you're not sure what your credit report might reveal, what your credit score is or how to fix your credit, now's the time to find out. Personal loans and online loans specific for those with bad credit can help you build a bridge, but nothing compares to understanding the importance of your credit score. The three major credit bureaus — Transunion, Equifax, and Experian — provide one free copy of your credit report every year. And many credit monitoring services can keep you updated on your score. Empower yourself and take control of your finances with this quick guide.

 

The Importance of Your Credit Score

The first step in how to fix your credit and boosting your credit score is understanding why it matters to begin with. And it all boils down to this: Your credit score is one of the main keys to unlocking your financial future. It's a major factor used to determine financial decisions, like whether you qualify for a mortgage, credit card, auto loan or online loans. And that's not all.

 

Ways Your Credit Matters

Most people understand that their credit scores have a direct impact on the types of loans they can get – online loans, personal loans and bad credit personal loans just to name a few. But your credit score isn't just used by lenders to figure out whether they want to give you a loan or accept your credit card application. Other ways your credit score matters include the following:


  • Insurance companies in many states use your credit score to help calculate the amount you pay every month for insurance coverage.
  • It could affect your job search, as many employers peek at your credit report to see if you're financially responsible before hiring you or giving you a promotion.
  • You might not be able to start a business if you have bad credit, even if you have a great idea. Startups require financing, which may be in short supply if you don't have good credit.

  • You have more opportunities with good credit, and may be more likely to get the kind of financing you want when you purchase something.

 

How to Fix Your Credit

Now that you understand a little more about why your credit score matters, it's time to answer an even more pressing question: How to fix your credit? Here are a few tips to get you started:

 

  • Get a copy of your credit report and check it over for any mistakes. (Report them to the credit bureaus or dispute them immediately!)
  • Pay down your balances on existing debts to increase the amount of credit available to you, which is one of the major factors that goes into calculating your credit scores.
  • Set payment reminders to avoid ever making late payments again. Your payment history makes up around 35 percent of your credit score.

 

Looking for a better alternative to some of the other personal loans and online loans out there? Empower your finances with a loan from CreditBox. Even better, with our referral program you can make a little extra dough every time you refer a friend to one of our online loans – money you can use to pay down your debt and improve your credit score.  

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