Not everything that comes with a good credit score is obvious.
7 Ways Fixing Bad Credit Can Change Your Life
When I was in my twenties, I wasn’t good with money and had a low-paying job, which led to past-due payments, a defaulted student loan, and a poor credit score. However, over the course of a few years, I improved my credit. As a result, my life improved significantly.
Paying off debt and improving your credit isn’t “simple,” as I read recently on one personal finance site. Still, once you gain momentum, it becomes easier as you watch your debt go down while your credit score rises. Then life starts getting better. Here's what fixing bad credit can do for you...
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1. Goals become attainable
2. You can tap credit for emergencies
3. No more debt-induced anxiety
4. You can become a homeowner
At one point, I simply accepted that I’d never be able to buy a house. Then I paid off my debt, fixed my credit and saved money for a down payment.
Now, my home will be paid off in seven years, if not sooner. If you want to purchase real estate, you’ll need good credit. Don’t be put off by how long it might take to improve your credit score. The years will pass whether you work on your credit or not.
Find out: 10 Steps to Take Control of Your Finances.
5. Landlords will rent to you
If you have bad credit, your application will probably be denied by landlords, forcing you to choose an apartment or rental home in a less desirable neighborhood. Fixing your credit opens housing options.
6. You’ll feel like an adult
Now that I have good credit, I have my choice of car loan options, and I’m easily approved for credit cards and loans. After you improve your credit, you’ll have access to the same options that all your friends use to run up their debt. But you’ll be smarter than that because you dug yourself out of the terrible credit trenches.
7. You’ll have more self-respect
Published by Debt.com, LLC