Why your “good” credit score costs you $$$$

Do you regularly check your credit score? You do not have to talk with many real estate agents or mortgage brokers before you find somebody with a horror story about a client that lost a deal because of a credit score.

Perhaps you know someone who could not buy a home or a car because of a bad credit rating. Did you know that a good credit rating can be costing you money, just because it is not excellent?

I have included a video in the right margin of the blog. I walk you through the numbers and show you how your payment is affected by your credit score. Your credit score does more than determine whether or not you can get a loan – it determines the interest rate and the amount of your payment as well. If your credit score is merely good and not excellent, then you are paying more in credit card payments, car loans, home mortgage, insurance cost, etc.

If you are an entrepreneur, then you must generate enough business to make the extra payment plus pay the business expenses. However, it is even worse than that, you also must pay the taxes on the income before you can make the payments. Add all that up and you may be required to generate thousands of dollars every year just to pay for the difference between a good and an excellent credit score.

In the video, I only consider the effect of income tax. When you consider medicare and social security, you nearly double the effect of the 15% income tax.

Your credit score is important!! I have created a pdf to help you improve your score. It is free to Insider members.

Watch the video by clicking on the arrow. Then join Insiders and download your free pdf. Get your score up to excellent and watch opportunities show up in your life.

 

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