How Your Credit Score Can Impact Your Life

The three digits in your credit score have the potential to impact your life more than any other number around

. Your score provides third parties with an idea of how responsible you are at managing money, particularly debt, and is likely to impact your life in several major areas.

1. Borrowing: Whenever you go to get credit, whether its a credit card, auto loan, or home mortgage, the lender will consider your credit score as a major part of the decision. If you have a bad credit score, you may not qualify to borrow at all, which will limit what you are able to purchase. If you have a fair credit score, although you may qualify, youll have to pay high interest rates that will hold you back financially. Having a good score, though makes it easy to borrow money at low interest rates.

2. Insurance: Many auto insurance and homeowners insurance companies use your credit score as part of the process of determining your rates. If you have had major credit problems, you may find yourself paying more for insurance.

3. Employment: When youre interviewing for a job, potential employers can use your credit score to help make hiring decisions. Its especially common in jobs where you work with money. Therefore, if youre looking for a career in banking or a related field, your credit score can have a significant impact on whether or not you get a job.

4. Housing: In addition to impacting a mortgage, your credit score can also affect whether you find housing to rent. Landlords are allowed to view your credit score as part of the application process. They want to know whether youre likely to consistently pay your rent on time. If youve been late on payments, which is reflected in your credit score, you may have a hard time finding a nice home or apartment to rent.

Here at CreditNowUSA, we want to help you improve your credit score to have a positive impact on your life, not a negative one.

For more information, go to Credit Score at http://www.creditnowusa.com/Credit-Score

by: Money Lender

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