Approved Credit Score

Why Your Credit Score Can Affect Your Whole Life Your credit score can determine where you live, where you work, your insurance premiums, loans, credit cards, mortgages and bank accounts. This three-...digit number literally can change your life depending on how high or low it is. Some employers will check your credit report prior to hiring you. Much like a creditor, some employers will look at your credit to determine what kind of employee you will be. Unfortunately, they may assume a credit report with derogatory items on it means that you are irresponsible. Insurance companies will check a potential customer’s credit for partially determining what insurance premiums they will be considered for. Depending on your score, this can considerably affect your monthly payment. You’re probably asking yourself “why is my credit considered when determining my accident risk?” Well, the best comparison example to this common question is the same reason insurance companies offer student discounts for good grades; to them, it reflects the driver’s level of responsibility and how the driver makes decisions. No matter how inaccurate or unfair this may sound, it’s true! Whether you are aware or not, your credit is also checked when renting an apartment. This unfortunately can cause some potential renters to pay very high-security deposits to move in, or worse, make you ineligible to live there. For many people, these high-security deposits are simply out of reach for them, and their once dream apartment is now all but a memory. Lastly, the most common use for your score, which most consumers are aware of, is for the credit-based applications. Items such as credit cards, home mortgages, loans, and bank accounts are all based on your score. The value of your score will determine whether you are approved and what interest rate you will be considered for. The difference between a few percentage points of an interest rate can cost you thousands of dollars! For example, the differen