Why You Should Consider Fixing Your Credit

How good is your credit score? Are you in the 700s? Having a score above 670 means that you have good credit. The credit scores range for a good score is between 670–739. While only 21% of Americans have a good credit score, 67% have a score that is higher than 670.

Can you believe that? I mean nearly 70% of Americans have a score higher than 670. This is intriguing because, according to cnbc, about 54% of Black Americans report having no credit or a poor to fair credit score, which is considered to be any score below 640, according to a recent survey of 5,000 U.S. adults by Credit Sesame. About 41% of Hispanic Americans report falling into this category as well.

This is where it gets iffy. Nearly 70% of Americans have great credit but a little less than half of minorities have have not so good credit. Now, I’m no financial advisor but I see a pattern in our community that is now in our control. Over the last 10 years we’ve seen an increase is good credit for black people.

Many multilevel marketing brands have successfully launch and even small businesses for credit repair. This is a good thing because this means more people are learning about credit and how to fix their current situations without filing for bankruptcy.

With that being said, it could be a good  idea to start working on yours. But why? You ask. Well. Having good/excellent credit can really help you now and in the long run.

Easier Approval for Rental Houses and Apartments

Having a good credit score can heighten your ability to be approved for that house or apartment you’re looking forward to having. Vice versa, having a bad one can damage your ability to complete the mission. The better your score the less worry you will have.

More Negotiating Power

Has your credit ever been so bad you went to purchase a car and the interest rate was so high you paid nearly double? If not, keep it that way. There’s nothing worse than making a big purchase that turns out to be even bigger because of a low credit score. Higher credit scores give you the ability to cut a bill and sometimes without any money down.(like cars and cell phone companies)

Get Approved for Higher Limits

Not only do you have a better chance of credit card and loan approvals when you have good credit but you also can get approved for higher limits. Most times you’ll have a very low interest rate because with a good score, lenders can trust. The higher your score is the higher the limit they’re willing to give you.

Again, I’m no financial advisor but now would be a good time to start on a better you with a better credit score. It may take time, but it’s worth it.