How Important Is Your Credit Rating ?

Education & Training with (retired) TN LIC# 290452


Does this question win the 'Active Rain Stupid Question of the Day Award' ?

It's you life line. Your bread and butter. The air you breath. The clothes you wear. The car you drive. The home you live in. The financial mechanics of the world and the society you inhabit. It's your credit.

Having good credit is also having a good name for many. It's like having money in your bank account when you need it so you can buy a home, a car, a resort property, make an investment, refinance your current mortgage, send you kids to school, take a trip to Pompeii.

A good credit rating has absolutely nothing to do with life's circumstances or the character you possess, although in some circles it just might.

Your credit history is a reflection of your past and how you've responsibly dealt with the complexities of maintaining a good credit history, or succumbed to the calamity of failing to do so.

Having a poor credit score can ruin your chances of getting a loan or buying a home, or even renting one for that matter.

Your ability to repay the loans you've taken on the responsibility for, and your past repayment performance, is all there and reflects heavily upon your attitude about your financial obligations and the accompanying responsibilities that are attached them. From these details, a lender will assess whether or not your a credit-worthy individual, or a bad risk.

Most everything associated with your credit history is placed under the microscope and the way you repay your mortgage company, your department store, your revolving accounts and gas cards are picked to the bone.

Remember, pay your bills on time and avoid the late payment histories that follow you on your credit report. Collections, repossessions, bankruptcies and foreclosure can haunt you for a long time.

Establish a great credit history and demonstrate an excellent pattern of repayment and the lenders will welcome you with open arms.

Any thoughts, corrections or additions ?

Posted by

David Saks

Time&Temp Memphis

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Michelle Roethle
Windermere Peninsula Properties - Belfair, WA
Your NorthWest "Real Estate Solution"

Good credit is important. It is hard to keep and easy to loose, and it may not even be your fault.

Aug 30, 2008 05:46 PM #1
Steven L. Smith
King of the House Home Inspection, Inc. - Bellingham, WA
Bellingham WA Home Inspector


There must have been about 8 of your blogs all on the screen at once? I looked at this one.

Aug 30, 2008 05:54 PM #2
David Saks
(retired) - Memphis, TN

Your right about that, Michelle. I read your profile and see that your relatively new to Active Rain. Welcome, and I'm honored to hear from you. Hope your having a fine weekend so far in the beautiful state of Washington.

Aug 30, 2008 05:58 PM #3
David Saks
(retired) - Memphis, TN

Thanks for checking it out, Steve. I have quite a number of articles in the draft queue and try to upload the max, which is ten, on the weekends. I blog quite a bit and write about real estate matters more than I actively participate in the sales arena these days. I'm a broker and actively licensed, although semi-retired. I still serve as the staff tekkie for three offices, and I'm also the webmaster and referral middleman for the areas most popular real estate school. Nice to hear from you.

Aug 30, 2008 06:05 PM #4
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