The results of Tuesday night’s presidential election paved the way for the reelection. While this will shape the political landscape during the next four years, there are a number of financial lessons consumers can take away from this campaign, other than how much they hate political ads.
When It Comes To Your Credit Score, Only One Number Matters
When polls closed, millions of Americans watched as electoral votes stacked up in favor of both candidates. However, some may have also paid attention to the popular vote.
While the latter was clearly displayed throughout the night, this number doesn’t matter since whoever gets the most electoral votes wins.
This is similar to your credit situation, credit counseling expert Jeanne Kelly wrote in the Huffington Post. There are a number of different credit scores you have access to, but the one that matters the most in today’s lending environment is your FICO score.
Currently, more than 90 percent of lenders utilize this number to see if you are qualified for credit, so make sure to stay on top of it.
Your Choices Impact Your Financial Future
The presidential campaign was rife with gaffes and missteps from both candidates, which ultimately impacted the outcome of the election. This is similar to your day-to-day financial decisions.
For example, if you go on a shopping spree and charge it to a credit card, this can result in serious debt in the future. Depending on your financial habits, sizable credit card debt can be hard cycle to break.
To stay out of more damaging debt in the face of an unexpected bill you can’t afford, rather than reaching for a credit card, consider a bad credit cash advance to relieve the pressure.
Check Your Credit On A Regular Basis
Every four years, Americans get a chance to examine the current political system and make any necessary changes by casting votes. On a political timeline, this is a fairly common occurrence.
With this same idea in mind, you should make sure to check up on your credit standing from time to time and make any necessary changes. Your credit standing has a big impact on your financial wellbeing in the future.
If you have a weak credit standing, it could make it more difficult for loans. Meanwhile, even if you get approved, you may be stuck with a high interest rate and other terms that make it expensive.