Thank you to Tagrid Shunia of Florida for writing this important article. If you are considering rentaing a home instead of purchasing one, be aware that landlords are taking a close look at tenant credit reports. Bottom line: You must show that you are responsible with your finances whether you rent or own a home.
Your Credit is Your Report Card for Everything
Suze Orman fell off her rocker when she suggested that renting is better than owning, vise-versa Suze. Take Warren Buffet's advice, owning a home is better than renting one. In this market, even renting a home requires good credit. If you have good credit, why not own a home?
Your credit is viewed constantly, like a report card in everyday life. I have summarized six important topics of obtaining and retaining good credit.
1. Purchasing a home and maintaining one requires good credit.
2. Renting a home, requires good credit. Reconsider your strategic default on your property; you may not be qualified to rent one.
3. Auto Insurance Premiums, good credit allows you the opportunity for lower rates.
4. Auto Loan Specials, whether it's a lease or purchase special, dealerships seek good credit applicants.
5. Loan Officer License, you must have a decent credit score to obtain your loan officer license. Realtors don't be surprised this rule will pertain to you as well, in the near future.
6. Job Application, Corporate America chooses good credit candidates over bad credit candidates
Be ashamed of your bad credit, you may not realize, you pay for bad credit in other ways.
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