Your Credit Score: Your Most Valuable Asset

If you think your credit score is just a number, think again. These three digits have the power to affect almost every aspect of your life, positively or negatively.

It goes without saying that first and foremost your credit score determines your ability to get credit. But the ramifications of a low credit score extend like ripples in the pond of American society. Your credit score can determine what people think of your character, affect your ability to get a job, and in general impact your self-esteem and quality of life.

Three Digit Credit Score - Your Most Valuable Asset

A good credit score should be viewed as your most valuable asset, and building and maintaining it should be given top priority. Although your credit score does not have an actual, tangible value, like a house or a stock portfolio, it can be responsible for helping you earn - or causing you to lose - hundreds of thousands of dollars over your lifetime. It plays a critical role in both your financial well-being and your ability to build wealth.

Does this sound a bit far-fetched? Are we placing too much importance on a number?

Consider this:

• You can't assign a specific dollar amount to a credit score, but banks will determine the interest rate for a loan based on it. Over the life of the loan, having good credit could save you thousands of dollars.
  
  For example, if you finance a $30,000 car with a 60-month term, poor credit could cost you as much as $7,500.
  
  Upping the ante a little bit, let's look at a 30-year mortgage on a $300,000 house. In this case, bad credit could cost you over $461,000 over the life of the loan! Yes - you read correctly, that's nearly half-a-million dollars!
  
  If that doesn't make you think twice about the value of your credit score, what will?
  
  
• One out of three employers now factor credit scores into hiring and promotion decisions. All other things being equal, the job offer will go to the candidate with the higher credit score. It would be difficult to place an exact figure on the income lost over a lifetime when bad credit sabotages career advancement - but you get the point.
  
  
• If you're an entrepreneur, it's likely you'll need a loan to cover the start-up costs of your next great venture. If you can't get the loan, your best ideas might never take off - and you'll never know how successful you could have been.

You know that good credit is important, but did you realize how much bad credit can really cost you? Associating a dollar amount with your bad credit score might be just the motivation you need to get serious about fixing your credit today. Don't let your bad credit cost you thousands.

The meter is ticking, but Lexington Law is ready to go to work for you right away. Their legal experts could help you get started on fixing your credit now.

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