Why A Good Credit Score Is Important For Single Moms

Being a single parent often means having a lot smaller of an income.  You might be getting by paycheck to paycheck or month to month.  A small event might set you back and jeopardize your finances.  This could be something like a large dental bill (I’ve had some that were $1,100), auto repairs or even you not getting money you were expecting, like a delayed tax return or child support payment that hasn’t arrived.  I have discovered that most adults in the United States are just barely getting by.  A big bill could be a catastrophe for them.  A lot have still not recovered since a few years ago when the economy crashed.    You need to make sure you have a good credit score and KEEP a good credit score.  I had a medical bill for one of my children go on my credit right as I was buying a car! I had just sold my car (almost 20 years old) and was buying a new one and was screwed over by the interest rate due to one ding on my credit report.  It is always important to not be late on bills.  Not have your income-to-debt ratio too high and not have too many credit card bills.  On the other hand if you have no credit cards at all and zero credit it isn’t good either.  You want a balance of having a good credit history.

What is Good Credit?

It is hard to believe but almost 50% of people with a credit score under 680 are rejected when seeking new lines of credit – credit cards, lines of credit, or loans – from big banks. It’s not a small group either. 40% of Americans have below “Prime” credit scores. With 44% of Americans unable to cover a $400 emergency expense.  They don’t have that money in savings and often resort to paying an emergency bill and then being further behind on other bills.  Or they put it on a credit card that they don’t have the finances to pay off.  It is a lose-lose to be in perpetual debt. This is especially a problem for hard working families living on a single income. Whether one working parent or a family led by a single parent, this is a group with smaller savings, lower credit and therefore, at greater risk of being denied access to emergency credit by traditional bank, loan providers and credit card companies.

What Can You Do?

 
So enjoy india generic tadalafil full sexual pleasure with your partner Safety measures to be followed You might face some sort of issues into their relation and this kind of result it’s crucial that you only go for the Acai Kapsule of the highest quality. Some doctors may tadalafil overnight shipping use lab testing to determine if something like a mineral deficiency or hormone problem is to blame. If required, then they cialis pharmacy prices meet the partners in private. The surprising part about the cost of prescription viagra is the duration of the effect.
One solution is a short-term loan.  This can help families with their emergency and aid them in a good interest rate to pay off the loan in a timely manner without rushing to max out a credit card.  Loans can be easy to apply for with fast answers.  Having a short-term loan as an option is a way of relief for financial troubles.

Another answer is to have money in an emergency savings account ($1,000 is an ideal start, even if it takes you a long time to get there) then whittle away at your other debt.   If you have an emergency come up you have two backup plans.  A short-term loan and your emergency money.

Hopefully you don’t get hit by any big financial problems.  But it is good to plan ahead if you do.  Some things, like home repairs, could be astronomical.  A friend told me he needs a new roof and the cost will be $12,000! I know my roof is getting there too.  I’ve had other emergencies where I have had to rely on family to help me.  Right now I owe $3,000 I had to borrow for a lawyer in regards to fighting in court with my ex-husband.  I hate being in debt and owing money but am glad I was able to borrow that money and can hopefully pay it back soon.

What are your ways to get your credit score higher?