I checked my credit score recently, and the result I received was 517.
Credit Score: A number assigned to a person that indicates to lenders their capacity to repay a loan.
And according to my neat score of 517, I am said to have a poor credit rating. With 850 being the highest and 0 being the lowest; if you have a credit score like mine, it indicates to lenders that you are not unworthy of credit, but you are not really worthy either.
Years of unnecessary school loans, important personal loans and helpful credit cards has driven my credit score up and down.
With my monthly debt payments running in the thousands and me not being able to manage all those payments at the moment, my credit score is set to take an even bigger hit.
I do not let things like this phase me however. A man made score that determines whether I can buy a house or car in a made up world is not detrimental to my existence on this earth. But, I am cognizant of the effects it can have my everyday life, such as where I can rent an apartment and sourcing of funds for future business ventures.
I ask the question, does it make me a bad person? for the following reasons:
- Does my credit score reflect my financial irresponsibility?
- Does it show that I placed my basket higher than I could reach by accumulating all these loans?
- Does it mean I was not thinking about my future when I obtained all this debt?
- Does it mean I am looked upon as a serial irresponsible debtor to creditors?
- Am I a spendthrift?
My answer to all of those questions are “maybe” for questions 1 and 2, “absolutely not” for questions 3 and 5, and “who the hell knows” for question 4.
At the end of the day, a credit score can be repaired, it can be changed. It is nothing to stress over, lose your mind or think all is lost. With a stable debt recovery plan, you can make that score whatever you want it to be. That is what I plan to do one step at a time. I am not going to stress it. Who knows? I might be writing a “How I Repaired my Credit Score” article in a few months.
A man made credit score might determine your credit worthiness but only you can really determine how much you are worth.
What is your credit score? If you care to share 😉
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