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Don’t Let Your Credit Score Run Your Life


Plenty of people come to me for money advice, which means I regularly get some of the same questions asked over and over again. When this happens, I can quickly identify a few common themes and aspects of life that people are anxious about. It seems to me that credit scores are right up there with the most significant things people are concerned with.

What is a credit score?

The basic definition is that it’s a number that dictates how creditworthy you are. Essentially, a high number indicates a good score, which lets people know you handle credit well and are in a good financial position.

Why are people hung up on their credit score?

Too many people are frightened that they have a terrible credit score and this means their life is a mess. I feel like we’ve almost been conditioned to believe that this is the case. Credit scores are spoken about all the time, and it’s easy to think that a bad one will prevent you from doing certain things. Here are a few things people are told they can’t do with a bad credit score:

Buy a house
Get a credit card
Get a loan
Sign up for a mobile phone contract

The reality is, you can definitely do all of these things with a bad credit score – it’s just harder for you to do so. Buying a house can be done with a terrible score if you have the money available and don’t need a mortgage. Even then, you can get some mortgages designed for people with bad credit scores. The same goes for other loans, as it shows on, there are loans for people with poor credit scores as well. You can still apply for a credit card too, the chances are you’ll just have a lower spending limit, and it may take longer to find a company that accepts you. Signing up for phone contracts or buying other things under contracts can also be done with a bad credit score.


Should you worry about your credit score?

When you see all of this, it makes you wonder; should I even care about my credit score? The answer is yes and no.

Yes, you should care as it does give you a good vision of how your financial life is playing out. A good score means you’re paying bills on time, you’re not in debt, and you aren’t in any financial trouble. It’s also easier to do a lot of things when you have a good score, and you can usually borrow more money if you need it.

However, don’t let your credit score run your life. Many people have bad ratings at some stage in their life, and you can always improve them. Don’t get caught in the trap of beating yourself up because your credit score isn’t great. It could just be down to current circumstances – like you have student debt, for example. Plus, a good score doesn’t always mean you’re rich and have loads of money, it just means you’re smart with the money you have.

By all means, strive to make your credit score as good as can be. But, don’t let it be a cloud that constantly hangs over your head. You can still do a lot with a bad score, and it’s not something that will haunt you forever!

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