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Why you should care about your credit score

I was at a bonfire this weekend, and the topic of credit history came up. Two views were presented:
  1. debt is evil and credit scores don't matter
  2. debt is a valuable financial tool if used properly, and credit scores are very important
I'm firmly in Camp 2. You should definitely care about your credit score. Here are a few things affected by your credit score (AKA credit history or credit rating):
  • mortgage rates
  • car loan rates
  • credit cards rates
  • small business loan rates
  • auto insurance rates
  • home insurance rates
  • renting rates
  • employment options
  • cell phone service
  • utilities rates
The reason your credit score affects so many areas of your life is that it's used as a measure of how financially risky you are. Because of the trade-off between risk and reward, if you have a low score, you're seen as high-risk, so institutions want a higher reward for dealing with you. So, your rates are higher, and your options are more limited than people with good credit.



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Considering retiring this blog

I'm seriously considering retiring this blog. When I started it in 2008, it was a place for me to share thoughts and links on a variety of topics. For at least the last year, however, it's just been a place where I re-post book reviews from Goodreads.

You can see all my book reviews on my Goodreads profile, and subscribe to my Goodreads RSS feed to be notified of new reviews. I also intend to keep blogging about WordPress, web design, and web-related topics on my OptimWise blog, which also has an RSS feed.

Would you miss this blog if I discontinued it? Please leave a comment.