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This is a question that I hear nearly every day. The financial industry has done an excellent job of drilling the importance of the FICO score into the American psyche. It is an important number, if you want to be in debt. Credit Scores can be re-built. It is sad that many people have no savings, no investments and very little money left over at the end of the month because they are concerned with only their credit scores. I see people struggle to barely make the minimum payments just to keep a credit score. Credit scores can be rebuilt but the damage to a family and lost money thrown away to high interest cannot. Most of us learned in school that if we invested $1000 a month combined with the power of compound interest, most people could easily retire a millionaire. Many elderly people have contacted us with stories how they struggled to pay debt most of their lives and retired below the poverty line. Credit scores will not help you retire, what you do with your money today will. We will be writing on this topic in depth in future posts. It’s important to understand that the credit score, while important, is not always the most important number in your financial profile.
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