Reasons Why Your Credit Score Matters
Dr. Jordan Sudberg is a well-known pain management specialist who believes in personal freedom and responsibility. He explains why monitoring one’s credit score and what it means for their financial well-being is critical.
He also emphasizes the importance of being a strong advocate for preventive measures and taking personal responsibility for one’s health. When asked why it’s important to monitor their credit score and the factors influencing it, he cites the following reasons.
1. We Have Complete Financial Control Now and in The Future
Too often, people claim that they don’t have enough money because of circumstances beyond their control. They can put that notion about their credit score to rest. The number that indicates their financial trustworthiness is not fixed.
Even if they can’t change the negative items on their credit report, there are other steps one can adhere to improve their financial situation. This is demonstrated by someone who has enough money to pay off all their debts and a little extra. Checking their credit score regularly is the best way to keep track of and improve it.
2. We Get Our Credit Report
Once they have a credit score, they can begin receiving financial updates. They will be notified of their late payments and when their credit report is reviewed. With this knowledge, they can set themselves up for success. Everyone has the right to request a copy of their credit report at any time to ensure that it is accurate.
They will also ensure that no one has used their personal information to open accounts, make purchases or worse, apply for credit in their name. They can change their account information or choose not to notify anyone. Their credit score will rise once the agencies that keep track of these things incorporate the new information they’ve provided.
3. Eligibility for Credit Cards and Loans
Dr. Jordan Sudberg recommends his clients keep monitoring their credit score to see if they qualify for a loan or credit card. They’ll be able to find a loan that meets their needs without putting them in a position where they can’t pay it back if they use this information.
In addition, many companies will check their candidate’s credit reports before deciding whether or not to hire them. In other words, they will have an advantage over the other applicants because they can purchase the product before anyone else.
A person’s ability to purchase large items and pay off debts on time demonstrates that they are financially responsible and that they also have a good credit history. This is critical to understand if they need to borrow money soon. This will make obtaining credit and loans much easier for them.
When a person reaches adulthood, their credit score becomes the most important factor in their lives. For the rest of your life, your credit score will be your most important aspect. This includes purchasing a car or a home, starting a business, and obtaining a loan.