Credit Score
In our society having a good credit score has become more important than ever. Your credit history and your credit score may be used by landlords, mortgage lenders, employers, utility companies, and cell phone companies. Our society is becoming increasingly dependent on using our credit score as a determining factory to grant us service or give us any form of credit. In today's time our credit history is used for more than just getting a credit card or a low interest rate on a mortgage loan. Many businesses are using our credit history to determine weather or not we are trustworthy and uphold our contract agreement.
Renting a Home
When it comes to a place to live your credit places a vital role. Landlords are skeptical on giving consumer with less than perfect score the opportunity to rent an apartment or home. The landlord base your low credit score on how you might or might not upload to the lease agreement.
Mortgage Loan
With the decline of the subprime lender, if you don't have a good credit rating you will not qualify for a mortgage loan. Before a lender approves a loan they want to feel at ease and not have to worry if the client will default on the loan. With that being said you would still like to qualify for the loan at the best rate. This is another reason is why having good credit is so vital today.
Auto Loan
With the way gas prices are rising on a daily basis having an auto loan with the lowest interest rate possible will ease the blow. Unless you have the cash to pay the full price of an auto you will have to apply for loan from the bank or credit union. Your credit not only affects weather or not you will qualify for the loan, but it also affects the type of interest rate on the loan.
Employment
A potential employer looks at an applicant credit history for the hiring process. If your credit history show that you have late payment, charge offs, large amount of debt and other derogatory information on the report, this could be a determining factor for the decision on whether or not you hire you for the job. Your credit history demonstrates your past financial history; a prospective employer might be reluctant on hiring you for the position if you have a less than perfect history.
Utilities/Cell Phone
Some of life necessities like your utilities and cell phone are also affected by your credit score. Many of the utility companies and cell phone companies will run a credit report before they will allow you to open an account. If your credit report shows a history of late and slow payments you may denied the service or be required to pay a deposit.
Since our credit score is so important in the world that we live in today. It is our responsibility to have the best credit score possible. We should all strive to be the best that we can be, and have a good credit score shows any potential lender, company and employer that we are worthy of conducting business.
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