Why should men be concerned about their credit? Credit is one of the most overlooked and misunderstood things in terms of personal finance. Even those how think they understand and know their credit score still do not fully understand the importance of credit and how it affects them. Below we will look at 5 of the top reasons men should pay close attention to their credit.
Home loans, it goes without saying, a mortgage and its rates are based on many factors but one of the heaviest weighted ones is your credit. The credit is the key factor that tells the lender if you are a trust worth buyer, typically the better the credit score the better the rate.
Employment, something most people don’t consider is many employers today will run a credit check on employees, especially in certain types of financial jobs. Credit again is used as a tool to gauge the employee’s level of financial responsibility.
Credit cards, more so today than ever which credit cards you will qualify for, as well as the rate and limit you will have are directly tied to credit. The better your credit, the better your rate and terms.
Insurance, while it may seem insurance both auto or homeowners would have nothing to do with credit, it is quite the opposite. Credit is again used as an indicator of how responsible and reliable you are.
Auto loans, unless you are one of the few who purchase a new or used car for cash, then credit again will come back to haunt you. Like any other loan multiple factors come in to play, however credit is the leader in determining how much and what rate you will be approved for.
For these reasons it is important to keep a close eye on your credit, it is like a shadow that follows you everywhere.