Credit Swagger by my definition is the absolute confidence that you have an excellent credit rating/score. It’s gained by the knowledge that your score is so good that no banking institution would turn you down for a business loan, car, home, personal loan or credit card. The higher your score, the greater your swagger. You ooze with confidence that it’s not a matter of IF you will be approved, but for how much MORE than you need or desire. That’s having Credit Swagger.
Do you want it? Absolutely! There are so many benefits that come along with having a good or excellent credit score. Before I get to those benefits, let’s discuss, “What is a good or excellent credit score?” The 3 credit bureaus (Experian, Equifax and TransUnion) highest score is generally 850. Obviously, 800 is an excellent score but so is 750. You fall into the good range between approximately 749 and 655. Anything lower than 650 could cost you money in the form of higher interest rates, annual fees, unfavorable terms, co-signers or outright denial of credit.
Those benefits come along with an excellent credit rating are, for example; lower interest rates. Have you seen the car commercials that offer fantastic lease prices for the latest models? Thats great if your credit score is 755 but if it’s 602, generally that’s not a deal you can receive.
It pays to have the benefits of credit swagger if you are an entrepreneur, a 1099 “employee”, your income fluctuates or is hard to verify. Often times, if your credit application is complete, the income is reasonable, your debt to income ratio is acceptable and you have a great credit score; the lender approves your application faster and with less scrutiny. Why is this the case? Because your credit score speaks to how responsible you have been with money and the likelihood that you will repay this new debt is high. The lender is also fully aware that, because of your great credit, you can go to the competition and be easily approved. Having credit swagger gives you buying power, negotiating power, clout and the best interest rates available.
Do you know your credit score on each of the 3 major credit bureaus? If not, first go to www.annualcreditreport.com to receive your FREE credit reports. The law allows you access to your reports, from all 3 credit bureaus, once every 12 months. There you can find the link to pay for your credit scores. There are free trials available directly from the credit bureaus. You will have to visit there websites individually to take advantage of these limited trials. Companies such as Discover and Citicard give you your credit scores monthly on your statements. You can also join the totally free, www.creditkarma.com. This site provides your credit report and score for both TransUnion and Equifax credit bureaus.
If you dont have Credit Swagger today, you can get it. It all starts with getting your credit report, your score and working towards a higher number.
Stay tuned, come back…for more great reads on how to increase your credit score and thus your Credit Swagger.