The Cash Life Doesn’t Work
I’m sure you’ve heard it before…”I don’t need credit, I only use cash!”
Would you be surprised if I told you that this is a false statement?
Typically, consumers who believe cash is a better alternative to credit
often find themselves in a pretty sticky predicament when applying for a home or auto loan. .
WHY CREDIT IS IMPORTANT
Your credit report is the representation of your finances and payment history to creditors. If your credit score averages in the 720’s or higher, the chances of approval for a home loan, auto loan, or even credit cards is much higher then a credit score well below the 600’s. Life is expensive; when it comes to the time when you may need a little help financially, its always great to have a decent credit report to utilize for a low interest loan to finalize the purchase of your home, new car, or even personal loans.
WHAT WE RECOMMEND
Having 1 – 2 active and positive credit accounts smooths a foundation for when you do need established credit history. With these accounts, it is suggested that you make all of your monthly payments on your credit cards to quickly build positive credit history while keeping your balances low. Keep in mind, credit cards are the most secure way of making payments. They are backed by banks, and will reimburse your money if you happen to fall victim to identity theft.
There are also credit cards, such as the Capital One Quicksilver that will give you back 1.5% cash back on all of your purchases, allowing you to save 1.5% on all your needs!
Even if you plan to spend cash on your purchases, it is always important to have established and healthy credit because your credit score is looking at your credit history to determine how much of a risk you are for a loan.
Questions..Comments…Concerns?
Reach out to us at 1(800)216-2725
