Nobody can really tell what the future holds, but whatever your life is going to be in the next several years or so, one thing seems to be certain - your credit history will be a significant part of it.
Indeed, your credit history is like the financial version of your name in the sense that you will not be able to go places without it.
You cannot apply for any kind of loan without your lender knowing about your credit history nor can you even think about the future without first determining your credit score.
If you are thinking of buying a brand new house through a financial or banking institution, you must provide your lender with details pertaining to your credit history.
Be factual and don't try to hide anything for your lender is bound to find out the truth, anyway.
He can always request for information especially when it comes to your paying capacity, so you may as well tell all and avoid losing the chance of getting approved of your loan.
If truth be told, banks have become choosier in their choice of applicants.
Applying for loan modification offers no guarantee that you will be granted your request.
In fact, if you were granted a home loan five years or so ago, there is a strong possibility that you will not be approved of the loan modification.
However, it does pay to have a good credit rating because that certainly increases your chance in getting approved for a loan modification.
If you have any reason to believe that you don't have a considerably high credit score, you can start doing some things now in order to improve your reputation.
It is important that you prove yourself worthy of a loan modification, and one way you can have this done is by improving your credit score.