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paulette Said,
September 7th, 2008 @2:51 am  

Credit rating is very important especially if you are securing a credit card. If you want one, you must be a good payer and spender.

December 18th, 2008 @4:12 pm  

This is one informative article. it speaks to the lay man as to how important it is to get a good credit rating… the ironic thing is, that you can’t build your credit rating without having borrowed money first. 🙂

January 3rd, 2009 @3:28 pm  

One of the main reasons the world has experienced the credit crunch and now the recession is due to the level and the type of borrowing allowed by the lending institutes. Banks have loaned money to anyone and everyone; in fact they were throwing money at anyone who wanted their money.

The banks have loaned money to people in the past with a poor credit rating and then allowed people to self certify their own incomes for their credit cards, loans or mortgages. Crazy isn’t it to lend money to people who have already shown that they have a poor credit rating and then let them self certify or lie about their income. The banks assessed their credit risk and then loaded the interest rate to reflect the high risk involved and the chance of the debt being written off in the future. In August 2007 this all started to unravel.

A clean credit rating is great for most borrowers; but it can be their worst enemy if they borrow money irresponsibly. I often say to people who are struggling financially that it was their clean credit rating that got them into financial trouble in the first place. It always amazes me that in their financial struggle and demise they still want to protect their credit rating as if they could borrow their way out of their problem with their credit rating??

May 29th, 2009 @11:07 pm  

Credit History is important because it will affects your credit card information. Actually, many people do not think about it but i suggest you should now.

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