Why You Need Good Credit In 2022

Your credit score is more important than ever.

Your credit scores determine a lot more than the loans you can get and the interest rates you pay. Your credit score will determine:

  • Premiums for auto and homeowners coverage.

  • Landlords use Credit Scores to decide who gets to rent their apartments.

  • Credit scores determine who has to make bigger deposits to get utilities.

  • Most high paying jobs require a credit check.

  • Business loans will be impossible to get.

  • A rising number of Car and Health Insurance companies are requiring a credit check

  • You will miss out on all the rewards that come with Credit Cards (Millions of Americans travel for free, get free groceries, dinners, and shopping credits through reward programs with their Credit Card Provider)

Credit scores are a financial tool, but it essentially controls every part of our financial lives. It can make your life easier, or way harder.

The Consequences Of Bad Credit

The lifetime cost of higher interest rates from bad or mediocre credit can exceed six figures. For example, according to interest rates gathered by Informa Research Services:

  • Someone with FICO scores in the 620 range would pay $65,000 more on a $200,000 mortgage than someone with FICOs over 760. (FICOs and VantageScores are on a 300-to-850 scale.)

  • On a five-year, $30,000 auto loan, the borrower with lower scores would pay $5,100 more.

  • A 15-year home equity loan of $50,000 would cost a low scorer $22,500 more than someone with high scores.

Since credit scores have become such an integral part of our financial lives, it pays to keep track of yours and understand how your actions affect the numbers. You can build, defend and take advantage of great credit regardless of your age or income.

The Number One Reason Americans Have Poor or Very Bad Credit

Millions of Americans have poor or very bad credit (or even worse, no credit) because they don't know their scores, and have no idea on how to get started. Most of our first experiences with Credit was when we got denied for an apartment, a loan, or mortgage. When that happens, we start wondering how we can improve our score so we can have access to these things. More importantly, having bad credit makes it harder to find a good job (most high end jobs in 2022 do a credit check) and ironically, having bad credit makes it more difficult start your own business as well. In 2022, good credit is a gateway to the American Dream, while having bad credit keeps us in financial prison. Make 2022 the year to solve your credit problems for good. To start your credit improvement journey:

  • Once you have your score, you can research on your own how to improve it, but if you're really serious about boosting your Credit Score, our personal recommendation is the Transunion Credit Wellness Program. You will receive personalized tips and suggestions from Credit Experts, track your score anytime, make personal credit goals and much more!

Credit Score Help 2022

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