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Blogs

  • The shocking reality of how your credit score will affect your life

    AUTHOR: CARLEADO DATE: October 8, 2020

    Many people overlook the importance of a great credit score and come to realize it when it’s too late. Two of the most important purchases in our lives is a home and a vehicle. You will likely be needing financing for these purchases. Your credit score has a big impact on the rate you will receive or more importantly how much money the banks will allow you to borrow.  Many people research rates online prior to speaking with a financial advisor and while this is a good first step it could be misleading at times. Rates advertised online are best case scenario numbers as they have not taken into account your credit score, income and liabilities. The rate you will receive will likely be higher than the rate advertised online. It would be a good idea to speak with a financial advisor prior to purchasing a home or vehicle in order to set a realistic budget based on your income, liabilities and credit score. Liabilities are defined as something that you are obligated to make payments on such as vehicle payments or credit card debt. It is recommended to keep liabilities as low as possible prior to purchasing a home. Once a home is purchased it can be used to build your credit in turn making it easier and cheaper to purchase the car of your dreams.