Did you know a bad credit score can be devastating to your personal life? In a recession you might find yourself without a job due to lay offs. In a recession you might find that there is a need for a personal loan. Lots of people around the US are finding that in order to survive is such an economy there credit is a very important. Maybe you own a small business and in order to stay open you need to borrow money from your banker. What ever your case might be, your credit report health is top priority.
In past articles I have discussed the importance of pulling your credit report and credit scores to determine where you stand with your credit worthiness. I have discussed in the past about how often you should pull your 3-1 credit report. Good credit management is a must regardless of what the economy is doing. Good credit is a must when creditors tighten up on loan standards.
I know of some prominent business people that had to borrow money during the 80’s when the market was horrible like it is now. They are still in business now because there credit health allowed them to borrow money to stay a float.
What ever you situation is you will need good credit to survive if you find turbulent financial times over the horizon. You never know when you might loose your job, or your small business needs to borrower money to survive an economic down turn.
Remember, what may have been good credit scores in the past may not be such good credit scores now. Lenders are raising the bar on what they consider low risk borrowers. Some lenders will not lend money to anyone below a 720 credit score.
The whole point is no-one likes to be told no, so stay on top of your credit report so the answer is always yes.
You might ask, how often should I pull my credit report to stay on top of my credit health? I recommend checking your credit report every 2 to 3 months. Anything can happen to your credit report during a 30 day window.
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