| Most of us want a good credit report to obtain | | | | their policy holders; this means that consumers with |
| automobile financing, credit cards, and to purchase a | | | | poor credit have to pay more for less coverage. Many |
| home. But, beyond these consumer loans, your credit | | | | automobile insurance companies now base your |
| report can cost you in everyday living expenses. What | | | | monthly premiums on your credit score; these |
| you don't know about your credit could be costing you | | | | companies offer a 17% discount if your score is over |
| money. | | | | 625 and a 25% discount if your score is over 725. |
| Having a credit card means that you can order tickets, | | | | Why? Because according to their studies, people who |
| rent a car, and reserve hotel rooms. Besides these | | | | are careful with their credit are also careful with their |
| conveniences, your credit report can mean that you | | | | property and careful drivers. |
| must pay higher deposits and fees for everyday | | | | 4. Bad credit can cost you a job. More and more |
| services. | | | | employers run an applicant?s credit report and hire the |
| Did you know that your credit history can keep you | | | | person with better credit, assuming that better credit |
| from getting utility connections, good telephone rates, | | | | equals better integrity and character. A friend of mine |
| the best auto insurance, home owner's insurance, or | | | | with a Master's Degree and a 4.0 grade average did |
| even keep you from getting hired? | | | | not get hired; she was told her credit score didn't meet |
| 1. Some utility companies set minimum standards for | | | | their minimum standard and that they hired another |
| service connections. If your report shows collection | | | | person with less education. |
| accounts for prior utility bills, you may not be eligible for | | | | 5. Poor credit scores means you pay more for your |
| service at all. And if utility companies do agree to | | | | home financing. Mortgages cost more in upfront fees |
| connect your service, you'll need to pay a higher | | | | and interest rates for those with low credit scores. |
| deposit than another customer with good credit who | | | | How much can you save? A mortgage loan of |
| may not need to make any deposit. | | | | $150,000, 30-year, fixed-rate mortgage, interest rate of |
| 2. The same requirements exist for telephone | | | | about 5.72 percent costs around $870 a month; poor |
| services. People with a good credit history don't need | | | | credit scores raise the interest rate over 9 percent |
| to pay deposits for home telephone or cell phone | | | | and the payments over $1,200. As you see from |
| services. When we first got a cell phone with poor | | | | these payment differences, good credit means that |
| credit scores, we had to pay a $300 deposit, for one | | | | you can finance a more expensive house with the |
| cell phone. After fixing our credit, we got eight cell | | | | same income, or save $330 each month. |
| phones for our business, with zero deposits. | | | | Boost your credit score so you can save money on |
| 3. What many people don't realize is that good credit | | | | everyday expenses, get high-quality insurance, and the |
| enables them to get better insurance rates. High-quality, | | | | best mortgage financing. |
| low-cost home owners? insurance, auto, and life | | | | Copyright ? 2006 Jeanette J. Fisher. All rights reserved. |
| insurance companies set minimum credit standards for | | | | |