Repairing your credit is the first step in rebuilding credit. To bring up your score, it takes patience, dedication and a willingness to change your ways. Credit scores are based on credit history. Meaning, creditors will look at several years' worth of your credit history to determine whether or not you are a good credit risk. You know you need to have a healthy credit score in order to get the things you want in life. In fact, your credit score affects all aspects of your life.
· Without a good score you will struggle to get loans or will likely pay high interest rates on car loans, home loans and even personal loans.
· You will pay higher auto and homeowner's insurance rates.
· Paying high interest rates take money directly out of your pocket and affects what you can buy today, including things like groceries.
· Ability to secure a lease on your dream apartment will be impacted. Low credit scores may keep you from renting an apartment or home without having a co-signer.