 If you are planning to buy a home, or a car, or some other expensive asset, you definitely are going to need a loan! And the lender is going to go through your credit history. When you apply for a loan, the lender may look at either a credit report and/or a credit score to determine if you are eligible it or not. If you have a negative credit history or no credit history, you will be denied the credit. Let’s understand why! Here’s Why You Should Worry About Your Credit History!Think about this - if you have a friend who still hasn’t returned the money you lent him twice, would you consider lending it to him again? Or, if you just made a new friend, and he asks you to lend some money, wouldn’t you think twice about it? Considering you aren’t aware of his position to pay you back! It’s the same for banks or other lending institutions. Banks have to depend on your credit score and credit history to determine your creditworthiness - your ability to pay the loan back! In addition, a person’s credit history helps a lender determine the terms of credit granted which would include the interest rate and the loan period. Over a lifetime, a person will pay more credit (in the form of high interest rates), if they have a lower credit score. The table below illustrates that if you have a low credit score you will have to pay a high interest rate which leads to a high monthly installment. Note: As your credit score decreases, your interest rate increases. Whether you need to buy a new home or a new car, your credit history will determine if you can get a loan, and if you do, how much interest you’ll need to pay! But Wait… That’s Not All! Sure, having a good credit history can help you get a loan. But, do you know, your very depends on your credit history? Here are some situations where a good credit history comes in handy!
Basically, your credit history is important because lenders, insurers, employers, and others may use it to assess how you manage financial responsibilities. If you have a negative credit history, you could be without insurance or utilities, unemployed and HOMELESS? Now, do you understand how important it is to have a positive credit history? Make sure you have a positive credit history to ensure that you can buy the things you want, when you want them, and getting a loan is not a problem. More importantly, ensure you don’t have any unsettled credit against your name, lest an employer refuses to hire you. Or, you get turned away by insurance and utility companies. Think about it this way - your very life depends on it! 
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AuthorYoel “Mo” Molina and I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters. Archives
June 2019
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"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team." Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts. |
"Yoel has been responsive and attentive to our company’s best interests and needs. He has been a valuable resource to our company. Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention. |
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC. In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP. As in, the very next day! I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo. I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered. I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!). I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"
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