Good Credit Score Essay

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To me, good credit is almost an equivalent to good reputation. If you have a good reputation, you gain trust and respect and are able to have opportunities that others would not. Likewise, if you have good credit, you are able to gain more financial opportunities like lower rates and more opportunities to make larger purchases. For example, if you want to buy a house, a good credit score may allow you to purchase that house at a lower interest rate or even at all. Of course, like reputation, a credit score can also be a way of judging yourself and how reliable you think you are. Procrastination and bad decision seem to have an effect on reliability, and if you are being careless about your credit loans, this will show on your score. This also …show more content…

Bankrate states and verifies that “in the aftermath of the Great Recession, many consumers are still regaining their financial footing” (Bankrate 1). Needing to regain their financial stability, many were able to use credit loans from these unions. How do you prove you are reliable? You are given a chance to be dependable or independable and make an impression from that. Many people were in this similar situation; they had either no credit or bad credit and needed a chance to improve that. Here, credit unions are a perfect way to do this. You can get a loan, and if you can repay that loan in a good timely manner (i.e. you had a good job again and were able to handle the loan), you could re-establish yourself financially. This is also the case for a young person who wants to establish and maintain their good financial reputation or credit. There is also a fact that many credit unions offer free credit support to their clients. For example, according to Roger from bankrate.com, “Many credit unions offer free credit counseling without advertising it, Rogers says. For example, North Carolina-based Charlotte Metro Credit Union started its free credit counseling program two years ago” (Bankrate 7). With an opportunity and free help to establish credit, one soon realizes there is little reason not to join a credit union for all it

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