10 Reasons Why You Need Good Credit

Often people wonder, especially if things are going A-OK, “Why do I need to improve my credit rating?" or even "why do I need a good credit rating?”.

We are not taught about credit in school, and when we have poor credit rating we don’t even realize that we are being excluded from some of the opportunities that our colleagues or friends have.

Remember Jerry Mcguire? When Rene Zellwinger sits in economy class on a flight with her son and she comments; “It used to be business class was just a better meal, now it’s a better life.”

When it comes to good vs poor credit, honestly truer words have never been spoken.

Having bad credit can affect you in the following ways;

1. It’s possible that you will fail a background or credit check when applying for jobs in some industries
2. Senior levels in some companies require a credit check and you could be passed over for promotion 
3. You can be excluded from designations in some industries, locking you out of the entire field – who after all would trust their financial future to a person with weaker or poor credit
4. If your business/leadership has poor credit, other companies may refuse to work with you.
5. You could fail credit checks for both your business and your self personally if you have bad credit – thus preventing you from attaining necessary funding for your company or yourself
6. Having poor or weaker credit can affect the interest rates you will qualify for on your car, your home, and any other credit purchases you are looking to make, that is if you can be approved. 
7. You may not qualify for a new car lease or loan, pushing you to either used vehicles with a higher interest rate, or forcing you to pay cash for your purchase
8. You could be excluded from having credit cards, preventing you from being able to buy goods on credit
9. You could be outright denied a mortgage or receive one from secondary / expensive rate lenders
10. You could be prevented from renting a home in a good neighbourhood, which could potentially affect where your kids can go to school, the amenities available around you and sadly the kind of groceries (both cost and freshness) you can purchase.

This is only SOME of the effects weaker, or poor credit can have on your life. 

If you aren’t yet convinced that good credit is important to you, note that if you need to hire firms for any kind of work (accountant, lawyer, etc.) most of them will do a credit check on you to see if they want to work with you.

Literally not having good or great credit can exclude you from so much in life. It’s really important that you take the time and energy to help restore your credit. 

You can improve your credit, save money AND get out of debt at the same time.

It is possible and it is possible for you. Take a look at our book Raise Yourself From Debt to Wealth for more details.