Do you check your credit often? Or
Do you give a thought about it only during the emergencies?
Which of the category you belong to? If you belong to the former one then you are financially quite aware and sound. If you are someone who dwell in the second group then you need to work on your credit from now.
A Spouse Story
If you are in your 20-something and have recently married, then you have a big life ahead. You have plans like a house, a car and more essential to have a baby. Being a parent is seriously a big responsibility. Now if you are staying in a small apartment all those won't fit your dreams.
In the beginning, you have to go for a house that has 3 or 4 bedroom, you may want a home that may be close to your workplace. Even you might plan and think of the newborn, so you might want a home that is near to a convenient school.
After the realtor seeks you the home you have to go for a home loan. Since it is the beginning of the career and you might not have a large savings. Moreover, as you have spent on the wedding so the savings are quite less.
However, when you apply for the loan, you see that it is denied. Why it was denied?
Yes, this is a big blow to the newly wed spouse. What is the reason behind the denial? It is due to the poor credit report. No home loan will be approved on the grounds of bad credit report. If you fail to support the score of 700 then you are unable to apply for any kind of mortgage, loans etc.
Yes, this is due to your failure. Since, you have ignored the various aspects of credits. You have not checked the errors often, which have thus hurt your finances badly.
It might be only your credit, which is hurt, while your wife or maybe your husband is having a clean credit. However, in those critical situations together you might fail to qualify for a new home loan. You might not be wrong in your judgments, but factual errors can seriously blow off your dreams.
Jump into Action
As it is your early 20s, and you have just begun a career, so a major credit flaw might hurt your finances in the end. Do go for a credit check with the help of the credit bureaus - Experian, TransUnion and Equifax. They generate the credit report based on the FICO scoring model.
You cannot lose your dream house and happy future, so start working before it is too late. These credit bureaus are going to give you free credit reports. Just fill all your information online and within a stipulated time your report will be sent costing no charges.
Checking the credit report is essential, since you might find an error that does not belong to you. It may be the factual errors, since the name of the person might be same. Carrying others debts can seriously land you under a heavy debt pressure. So get your credit report thoroughly checked just to stay error free and never break your dreams.
Since checking your credit is free, so you cannot put up lame excuses to avoid it. Make your finances stronger and more secure.
Bob Nicholson is a financial expert and a successful advisor for the major outsourcing companies. His blog mainly helps the young adults and entrepreneurs to have a stronger financial background. He is presently assisting the customer service call center to have better financial solution on their investments.
