Why is your credit important?

The question really is, "Why is "Good" Credit Imperative?"

Brought to you by Kenneth Castro

Good credit is imperative because it is your golden ticket to financial freedom for right NOW and it prepares the foundation for financial security LATER. Isn't that what we all seek?

In planning for tomorrow by improving your situation today, you can eliminate the risk of limited financial security for your retirement years. You don't want to work forever, and you shouldn't have to. You can take immediate action that will enable you to set yourself up for a more secure future by simply being wiser about how you manage your credit, your debts and your finances.

So what is the single first step we can take toward planning for a more secure future and retirement? It begins with ensuring that we put ourselves in a position in which we derive the very best value from every financial commitment we make. The best value means NOT spending hundreds or thousands of dollars on high interest rates for credit cards, auto loans and mortgages. You can literally save hundreds of dollars each and every month, from this day forward, by simply achieving and maintaining a credit score in the 700's. Take for instance a $300,000 30-year fixed home loan. Today, if your credit scores are below 700, you could be paying an additional $659 a month in nothing but interest. That is what the price of less than great credit costs you-an extra $7,908 a year, and a whopping $237,138 over the life of the loan. Wouldn't you rather put that money into your retirement nest egg?

So, now we know that less than perfect credit costs us huge sums of money, let's look at how we can position ourselves to get the best value from our financial commitments? Simple. We make sure that our Credit Scores are in the 700's at all times.

A quick education on the credit score.

Here's a little primer on how credit scores evolved. Developed in the 1950's by Fair Isaac & Co., credit scores hit mainstream use in the 1980's when three major credit bureaus, Experian, Equifax and TransUnion negotiated an agreement to create an objective and fair scoring system that would analyze all of your data, compare it with the way thousands of people pay their bills, and come up with a three digit number between 350 and 850 that indicates whether or not you are a good credit risk.

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