Anyone who doesn’t place a great deal of emphasis on a credit score must never have tried to borrow money to buy a house, a car or even open up a simple line of credit in the form of a card.
That three digit score sends banks and lenders into a complete tailspin if they don’t compute with what they believe to be safe and secure when it comes to lending you money. If that score isn’t within a certain range, chances are you won’t be driving off the car lot or posing in front of the “Sold” sign in your new yard.
But there are some instances when that score is going to affect your life in a negative way far beyond just the notion of borrowing money, although that is what some will always and forever equate a credit score with from one day to the next.
Have you thought about your credit score as it relates to your employment, more specifically if a company is interested in hiring you. Some companies not only will check your social media accounts to see if you’re an upstanding individual (as especially afterward when you start and you call off when you’re “sick”) but they also check your credit report and ask to see your score. That is going to potentially sway them into a hiring decision more than you might believe.
Beyond that home you’re trying to finance, a purchase in which your credit score is going to be exponentially important, you also might need to monitor that score when you try to start up your utilities and even trying to buy a new phone. The credit score, as far as financing a phone, might play into what type of repayment schedule you’re given. Most of the time with the phone or the utilities in general, you’ll have to provide some sort of collateral (a deposit, usually) in order to put the electric, gas or water people in a good frame of mind so that they can be reassured they’re going to be paid.
And what about housing?
No, not just the idea of having a mortgage or buying a house. This is also about just having a place to live in the form of paying rent, because landlords also can require a credit check. Much the same way the utility companies want to get paid, so do the landlords of the world. The credit check assures them they’re not renting property to someone who isn’t going to make good on rent.
The credit score is always going to mean plenty, but in some cases more than meets the proverbial eye.
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