Keep that credit score in check!
So what’s the big deal if you miss a payment or two on your cable bill or if your just a few days late paying your credit card? At least they’re getting your money…no harm done; right? Think again. Making little mistakes like being late on a bill or missing payments can end up really costing you big money in the long run. How? Little mistakes like that can hurt your credit score making it difficult to get future loans. If you do get a loan, chances are very good that you’re going to get a not-so-good rate on that loan which depending on how long you take to pay that loan off, could literally cost you hundreds to tens of thousands of dollars!
For example, if you buy a home using a home loan, your credit score (depending on if you even get approved) might get you a rate of 4%, but perhaps you might get a rate of 5%…just a 1% difference; that’s nothing: right? Well, did you know that that 1% difference will cost you thousands and thousands of dollars more over a given amount of time? I don’t know about you, but I’d rather use that money for, oh I don’t know, THINGS I WANT!
Get those bills paid on time!
The worst is when people have mistakes on their credit scores that are mistakes from other companies; yes, this does happen, and often too! So,keep an eye on your credit score. You can get a free credit report every year; smart idea.
For the lazy ones out there; make a calendar of when bills are due! Believe it or not,but there are a TON of people out there that are often late on their bills not because they don’t have the money but rather because they simply forget the day it’s due; this is a very sad reason to have a bad credit score!
If you are going to be late for a bill, you might consider getting an affordable payday loan instead of being late; the fees are not only much cheaper than late fees and overdraft fees, but it will save your credit score.
