2007-10-16 11:03:18 · 6 answers · asked by mame3900 1 in Business & Finance ➔ Credit
In addition to qualifying for decent interest rates for loans for homes, cars, etc., your credit report is also used to determine your car insurance cost and can affect potential employment.
2007-10-16 11:20:10 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
There is nothing more demoralizing than being turned down for a loan for a car, credit card or whatever. It becomes embarrasing and hard to explain to friends and family. Start off the right way and keep up with your bills and don't overload any accounts you have.
2007-10-16 18:13:42 · answer #2 · answered by ~ Floridian`` 7 · 0⤊ 0⤋
So you can buy cars, homes, etc at a reasonable interest rate.
Also a lot of companies wont hire you if your credit is bad because you're more likely to steal. (yes most do check your credit now).
2007-10-16 19:29:59 · answer #3 · answered by sutla 3 · 0⤊ 0⤋
Because that is how most people buy homes, cars, airline tickets, pay doctor bills (with credit cards). Do you like carrying around more than $50 in your pocket to pay for gas?
http://www.myfico.com/CreditEducation/
2007-10-16 18:11:16 · answer #4 · answered by Steveo 5 · 0⤊ 0⤋
because if you have bad credit, nobody will loan money to you to buy a car, house, boat, etc.
having a bad credit history tells people that you don't pay them back, so why should they borrow to you?
2007-10-16 18:07:58 · answer #5 · answered by Mightie Mouse 3 · 0⤊ 0⤋
the question is...why not? if you have integrity with friends and family ( your polite, well spoken, helpful, and pay what you owe--time ,money, favors, etc) why wouldnt you pay your debts on time with the same integrity? it shows what kind of individual you are.
2007-10-16 21:37:10 · answer #6 · answered by skid 4 · 0⤊ 0⤋