Real Estate and Credit. Is Credit Really That Important?

The Real Estate Show starts a new series on CREDIT, what it means, and why you should care. That's because your credit history matters more than you may realize. It can affect whether you get loans, any loans. Most people realize that their credit score can be the deciding factor on whether or not they qualify for a consumer loan, a car loan, a mortgage or even a line of credit. It will also affect what the interest rate that will be on that loan IF you are approved. Fewer people, however, realize how much credit influences insurance. Homeowners insurance, and especially auto insurance are also affected by your credit. Statistical information shows that people who are good with their money are also usually better drivers than people with lower credit scores. So as you can see, your credit score will affect your ability to borrow, your insurances, how much you'll pay for these services, and more. It can even affect whether you get a good job!

What's in a credit report? The report contains information about your identity, where you live, and possibly about your employer, plus: your credit card accounts, Home loans, auto loans, and student loans. Usually it also comes with balances and a record of payments that you have made to date. It can also include court judgments against you, property tax liens, and bankruptcy filings, depending on how long ago they occurred. Criminal convictions also have been finding their way onto credit reports. It also contains the identity of anyone who is recently requested to see a copy of your credit report. And creditors like to know who else you are looking to for credit because it tells them more about you.

So get to know your credit report and credit score. Together, they tell potential creditors and employers how well you handle money, and whether or not they should trust you. Stay tuned to the Real Estate show each weekday morning, especially next Thursday when we continue in the series about credit reports.

For more information and all the basics on both, learn more about Credit and how it may affect Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates and listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow #TheRealEstateShow, #EricWillner, #ThirdHome, #Best
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