Adult life is all about numbers. The number of dollars in your bank account and wallet versus the number you'll have to pay each month. Your social security number, your license number, your fantasy football score!
But the one number that can sometimes literally predict your future is your credit score. That's right, if your number is too low, you may miss out on some terrific opportunities in life.
That's not always the case, though, especially with a lending partner on your side like Atlas Credit. First, let's take a look at times when a good credit score can really make a difference.
What Is Good Credit?
Good credit is a measurement of your ability to pay back the money you owe over time. The three major credit tracking companies give everyone who has borrowed money a score ranging from 300 to 850. People who rank near the top have the best credit, and they get there by paying off their balances quickly. People with poor credit at the bottom of the scale may have defaulted on what they owed in the past or may not have made consistent payments. Here are just a few reasons you need to care about your credit score:
- Bad credit can prevent you from borrowing in the future.
- If you do borrow money, you will pay a higher interest rate, which can lead to accumulating more debt.
- You may have to pay a deposit when you sign up for utilities in case you default on your bills.
Who Decides If a Credit Score Is Bad?
The credit tracking companies take into account every transaction you have made in adulthood. They use your past actions to create a bigger picture and determine whether you are likely to pay off your debts in the future. Your credit rating reflects:
- How much you use credit
- How big your debts are
- Whether you pay bills on time
- How many credit cards you have
When Your Credit Score Matters
Why is it important to have good credit? If you ever try and purchase a new or used automobile, there's a great chance that whoever you buy it from will run a credit check to see whether or not you qualify for fair payments. This isn't to say bad credit will exclude you from buying a car, but it can definitely run what you owe each month through the roof.
Looking to rent a new house or apartment? While many apartment complexes and property managers will take a hard look at your credit score before they accept your application to rent, they'll still be somewhat lenient if they're desperate to fill empty homes. However, if they receive applications from other potential renters who have better credit scores than you do, they'll go with the higher number every time.
Is it time to remodel your home, buy new equipment for your small business, or pay for your big family vacation? If you ever need to pay for one of these by taking out a loan with a conventional lender like a bank, you may have much higher interest rates and tough-to-meet monthly payments. Plus, they'll probably require you pay back that loan ASAP.
This is all to say that your credit score does matter in most cases in life. It's up to you to be a responsible borrower and user of credit. Make sure to always pay your bills on time and never go overboard and accumulate a mountain of debt -- trust us!
Why Credit Is Important
Good credit opens doors. While you may not be in the market for a new home or a new vehicle today, you probably will be down the line. Good credit shows lenders they can trust you to pay back a loan. You need to prove you are a good risk to secure the funding you need.
Credit history offers a snapshot of your past behavior. Of course, it does not take into account things like job loss or tragedies that can occur in life and impact your ability to pay the bills. That is why Atlas Credit considers more than just your credit history when granting loans. We look at the big picture and whether you currently have a decent job.
Not every company does this. We are relatively unique in our embrace of those with bad credit — but if you do want to address your bad credit and turn it around, we are ready to assist.
Can Bad Credit Be Fixed?
Although there are consequences of a bad credit history, you can improve your score. At Atlas Credit, we provide personal loans to people with bad credit throughout Oklahoma and Texas. When you borrow money from us, you receive the opportunity to show you can pay back that money on time.
We structure your monthly payments to fit your financial obligations. You can show lenders you are responsible by keeping up with the payment schedule. Repairing your credit score takes time and effort, and you can use Atlas Credit's loan to help you.
Atlas Credit Is Flexible!
If you're worried about your ability to acquire a loan, just talk to Atlas Credit! We're one of the most flexible lenders in Longview or Houston when it comes to approving quick and easy personal loans to borrowers with good credit, bad credit, or no credit at all!
We understand that life can sometimes throw curveballs your way that can seriously damage your credit score. That's why we're flexible with our lending requirements and always willing to help you out with a loan of up to $1,400!
Plus, when you set your repayment plan and begin paying back your loan to Atlas Credit, you'll very likely see improvements to your credit score! For individuals who have a hard time qualifying for a loan elsewhere but don't want to trust their credit or financial wellbeing to a payday lender, contact Atlas Credit. Apply online today or stop into one of our locations across TX or OK.