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Home » Family Life » 5 Things Parents Should Know About Credit Scores

5 Things Parents Should Know About Credit Scores

Family Life

This post may contain affiliate links view our disclosure

Thank you Lexington Law Firm for sponsoring this post. A high service partner and consumer advocate that will help you fight for the credit you deserve!

Even before I was a parent, I had dreams about what I wanted for the family I might have one day. I think we all have dreams for our families and some of our dreams are very similar. For me, there are two things that I always wanted to have — a good home for my family and a family car that could handle all of our needs.

Life is expensive, once you start growing a family, it can feel even more expensive. This is where credit comes in, working to build your credit or repair your credit can be a very important part of making your family dreams a reality.

Living room fireplace with mantel decor for fall

5 THINGS TO KNOW ABOUT YOUR CREDIT SCORE

Whether you’re just starting to think about starting a family or you’re dreaming up the next big purchase for your family, you’re probably finding out just how important are credit scores are at this stage of life.

Our credit scores can impact our ability to get home mortgages and car loans. If you’re like my family, you need these loans to make the big purchases you want to make for your family.

If you’re also like me, you left college with some student loans to handle as you started your career. You might have used some credit cards to get things done. Maybe you have some medical bills that you’re working on paying off. You’re not alone. I can completely relate.

Those things don’t mean we have to stop dreaming big dreams for our family.

Wood sign that says "Wish" sitting on table in front of a lamp

GET TO KNOW YOUR CREDIT REPORT

I can’t remember the first time I saw my own credit report. I’m pretty sure it was sometime after college. 

Before then, I hadn’t given much thought to my credit score. But finding myself post-college with my first professional job and thinking about a new car had me finally looking into it.

I didn’t know then that 90% of financial institutions base their lending decisions on a FICO® Score. It’s the score calculated by Fair Isaac Corporation, which is the 50-year old company that pioneered the credit scoring system. They use an algorithm that considers a person’s credit files to calculate the lending risk. The files come from the Equifax, Experian, and TransUnion, the three main credit bureaus.

I learned that knowing my credit score, especially when I’m dreaming big and setting goals, is a tool that can really help me prepare for the loans I may need to make those dreams come true. This was true when I was younger and it’s true now that I’m older and thinking about things like our dream home.

Two metal houses on counter

LEARN ABOUT NEGATIVE ITEMS ON YOUR CREDIT

One of the first things we can do is learn more about our credit scores so that we can work towards our dreams with knowledge. I’ve always found that information is the best way to make things happen.

Find out about the negative items you might have on your credit. Knowledge really is power. These items can include:

  • Bills that have gone to collections
  • Late payments
  • Liens
  • Bankruptcies
  • Repossessions
  • and more

Things like a late payment or a negative from a creditor may not seem like a big deal, but they can have long-term consequences on your credit report.

Leaf shaped wood sign that says blessed on it

LOOK INTO THE CAUSE OF ANY NEGATIVE ITEMS

Once you’ve identified the negative items on your credit, look at them closely. Check to see if any of them are caused by one of the following:

  • Divorce
  • Medical Debt
  • Student Debt
  • Military Leave
  • Identity Theft

If a negative item is a result of one of these cases, credit repair services, like those that Lexington Law Firm offers, could be helpful.

Pillow that says "Home" sitting on a white fireplace

CHECK THE ACCURACY OF YOUR CREDIT REPORT

Another thing you need to do when getting familiar with your credit report is to check the accuracy of any negative items.

Did you know that each year there are millions of Americans who are denied for home loans and car loans due to errors on their credit reports?

We really need to take time to be aware of what is on our reports. Correcting errors takes an average of four months. If you’re getting ready to search for your family’s new home and buy that new car so you can get everyone where they need to go, you have to take the time to make repairs.

Wooden home sign sitting on mantle of white fireplace

GET HELP WITH CREDIT REPAIR

Recently I’ve been learning more about the professionals at Lexington Law Firm. They believe we all have a right to a fair and accurate credit report. Lexington Law Firm is the most respected name in credit repair and they have the legal experience and technology to advocate for us.

They can help us understand the negative items on our report and get a better understanding of what’s impacting our credit score. They stand up for consumers and offer credit repair legal knowledge and knowledge of consumer protection laws. There’s a lot of peace of mind in knowing that they have professionals who can fight for our rights.

You can kickstart your credit repair efforts with Lexington Law. They offer a variety of packages to help you get started on your credit repair journey. Clients also receive additional tools including:

  • Credit coaching
  • Score improvement analysis
  • Online and mobile support
  • Identity theft insurance
  • and more

The professionals at Lexington Law are trusted leaders in credit repair for a reason. To learn more, visit the Lexington Law website.

Our credit is not written in stone, we don’t have to let it stop us from reaching the dreams we have for our family!

Tips for families about credit scores and credit repair

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Filed Under: Family Life

About Mariah

Mariah is the mom of 2 and a former educator (preschool - 4th grade & special education) with a degree in human development. As a busy mom living in with a multi-generational family under one roof (with 4 dogs!), life is sometimes chaotic! She aims to share easy ideas that we can all use in our lives! Read more about Mariah!

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Welcome!

My name is Mariah & I'm the mom of two. I'm a former educator (preschool - 4th grade & special education) with a degree in human development. I'm also a baseball mom & dance mom. We're a multi-generational family living under one roof (with two dogs!) With our busy lives, I aim to share easy ideas that we can all use in our lives!

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