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Home >> Basic Questions About Credit Scores

Basic Questions About Credit Scores

December 14, 2015 by Joshua K. Crawford Leave a Comment

Basic Questions About Credit ScoresLast week we looked at how credit scores and estate planning can sometimes be connected. The more we thought about the issue, the more we thought that we should cover the credit score topic in a little more depth. Any time you deal with financial and estate planning issues, knowing some basic facts about credit scores can be helpful. So, today we wanted to cover some basic questions about credit scores.

What affects a credit score?

As we discussed in our previous blog post, credit scores are numbers that tell lenders how reliable a borrower has been when using credit in the past. Credit scoring companies make their own determinations about what goes into a score, but they generally use the same basic factors. These are: past credit payment history, current amount of credit used, current types of credit accounts, average length of current accounts, and the number of new credit lines or applications.

What does it have to do with financial planning?

Credit scores are also important because they affect the terms of credit you’re able to get. Let’s say, for example, that you bought your first house when you were younger. Because you likely did not have a long history of credit use, your credit score when you obtained your mortgage was probably not as high as it is now. With a significantly higher credit score, you’re much more likely to be able to obtain better interest rates, and might be able to refinance your mortgage. A refinanced mortgage can often be a significant financial advantage.

What else does a good credit score do?

A good credit score also provides a range of other financial planning benefits. A good credit score will allow you to access the best credit card offers, both in terms of interest rates, but also when it comes to rewards and bonuses. Beyond credit cards, negotiating the terms of any loan or credit agreement with a high credit score gives you more power to negotiate favorable loan terms with new lenders.

Why do I need a good credit score?

While having a good credit score is generally a positive thing, not having a good score is not necessarily bad. A good credit score is simply a tool that allows you to obtain new forms of credit, or to obtain more beneficial terms on that credit, such as lower interests rate. A bad score, on the other hand, makes it harder to obtain credit, and limits you to types of credit with less beneficial terms.

But, if you’re not interested in obtaining new lines of credit, or don’t think you’ll need to apply for credit any time soon, good or bad credit scores won’t necessarily affect you.

Filed Under: Financial Planning

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
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August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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