The Kitchen Table

Scary Credit Score

  • October 14, 2020

By: Megan Oberst


How scary is your credit score?

What is that lurking around the corner? Boo! It’s your credit score. A number that is so important yet very confusing to many. The black cat’s outta the bag, credit scores are here to stay; so let’s discuss what that number is and key aspects you should know about it.

What is a credit score?

Gather round’ all you ghouls and goblins. A credit score is a way that lenders can evaluate a person’s financial responsibility. It can be calculated into a 3-digit number with a range up to 850 that can show how likely a person is to handle their finances, for example, how likely one is able to pay bills on time. The higher the number, the greater chance you can have of qualifying for loans or other financial acquisitions like a credit card or loans to buy a car or house. If your score is too low, you may not qualify for one of those ventures.

Sounds horrifying…what should I do with this?

Many different types of scores and ways of evaluating those scores exist, so make sure you speak to a professional to get a clear idea of where your score lies. In short, you need to pay attention to how your personal score can change instead of ghosting it.

Each of the three major credit reporting agencies provides one FREE copy of your report on an annual basis.You can visit this site at may be a small fee for your actual score, but this is a great place to verify that everything on your report is correct.

Paying bills on time through an installment loan or a credit card can automatically boost your score.If you have student loans, make your payments on time and frequently to showcase your money-borrowing responsibility. Payment history plays a huge part of brewing your credit score to qualify you for other loans you may need in the future.

Pssst, don’t let loans give you the chills. LPI Loans can help you with this. When deciding whether to obtain a personal loan, consider the benefits and responsibilities.

A personal loan:

  • Obligates future income – You’ll be required to set aside a certain amount of future income for loan payments.
  • Requires discipline – Borrowing wisely means not borrowing more than you can handle. Don’t let the thrill of buying or having a sum of cash obligate you to more than you can afford.
  • Makes it possible to meet unexpected expenses – The ability to borrow and make affordable payments can be helpful if an emergency arises that requires extra money.
  • Allows you to obtain products and services now and pay for them later – A loan can provide an opportunity to purchase bigger-ticket items and use them right away.

There are only treats here, no tricks. Don’t let your credit score haunt your future endeavors.

Apply for a loan through LPI Loans today!

Apply online or contact a branch near you for details. You must live within a 50 mile radius of one of our offices to be eligible for financing.

*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.

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