Credit Scores About More than Just Catchy Advertisements

You’ve probably seen commercials advertising ways to obtain your credit report. While the commercials might be catchy, they typically don’t really have much to do with credit scores or even tell you how important they really are. Do you know what your credit score is and how it can impact you? It pays to know!

A good credit score can determine a lot of things today:

• Whether you will be approved for credit
• What interest rate you will get on loans
• The cost of your homeowner’s and car insurance
• Whether you are approved to rent a home or apartment
• In some cases, whether you get a job offer or type of license

One little number can affect some pretty serious stuff right?

In this lagging economy, more people than ever are struggling to stay out of debt, stay on top of their credit and keep their scores up. Anything from a late payment on a credit card to a high debt-to-income ratio can damage a person’s credit score and it can takes years to get back a credit score that you feel proud of.

According to a recent article in USA Today, “The credit scores of millions more Americans are sinking to new lows… Recent figures show what 25.5% of consumers – nearly 43.4 million people – now have a credit score of 599 or below.” (USA Today, July 12, 2010)

In today’s economic climate of tighter lending standards, many Americans are finding it harder than ever to obtain loans and sinking credit scores aren’t helping the picture. According to a recent article, the Department of Housing and Urban Development said it intends to require borrowers to have a credit score of at least 500 to qualify for FHA-insured loans. The agency has not required a minimum score before. (CNNMoney.com, July 16, 2010)

Not only that, a late payment, foreclosure or other credit blemish could prevent you from getting a job! “According to a survey by the Society for Human Resource Management, 60% of employers are using credit checks when filling at least some of their openings.” (CNNMoney.com, July 22, 2010)

Credit scores can have a huge impact on your life. So where do you begin to get on top of your personal debt situation? The first step is to be informed. How can you even begin to get out of debt if you don’t know where to start?

Fortunately, Primerica can help. With the Primerica DebtWatchers™ product, you can get your credit score and see where you stand. Primerica DebtWatchers can help you be in the know and in control. It pays to be informed. Do you know what YOUR credit score is? One little number can play a huge impact in your financial life!

Primerica, representatives of Primerica, Equifax and Primerica DebtWatchers™ will not act as an intermediary between Primerica DebtWatchers customers and their creditors and do not imply, promise or guarantee that credit files or credit scores will or may be improved, repaired, boosted, enhanced, corrected or increased by use of the Primerica DebtWatchers product. Primerica DebtWatchers™ is a trademark of Primerica, Inc. Product not available for purchase by residents of Washington D.C.