How a Low Credit Score Can Keep You From Moving Up in the World

How a Low Credit Score Can Keep You From Moving Up in the World
  • Opening Intro -

    There are a lot of people out there who have bad credit.

    So if your score is low, then you might not think that it's a very big deal.

    However, a low credit score can impact your life in a lot of ways.

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These are just some of the ways that your credit might be getting in the way of you moving up in the world.

Difficulty Finding Housing

Banks have gotten a lot stricter when it comes to approving people for mortgages, so if your score is bad, chances are good that you will find it difficult or impossible to buy your own home. Yes, there are some owner-financed deals out there, but you often have to pass a minimal credit check in these situations. Even if you want to rent, it can be tough to find a landlord who will allow you to move in if you have a poor credit score.

Trouble Buying a Car

Unless you have the cash money to purchase a car outright, you might have a really difficult time buying a decent car with bad credit. Dealerships like Markosian Auto can help you buy a car when credit score isn’t up to par, but you should know that you will be limited when it comes to buying from many dealerships.

Added Difficulty in Finding a Job

Finding a good job can be hard enough as it is. However, nowadays, many employers are running credit checks on potential job applicants—even for entry-level positions. The last thing that you probably want is to be turned down for a job because of your credit, but this is something that could happen.

Securing a Loan or Credit Card

Sure, it can be nice to pay with cash for things so that you don’t have to worry about going in debt, but realistically, this is not always an option. However, if you have bad credit, taking out a simple loan or credit card can be difficult or impossible. If you have ever tried to take out a line of credit to purchase clothing, furniture or just about anything else, then you might have been turned down. This can be expected when you have a bad credit score and the only loans that you might be able to get are expensive title loans and payday loans.

Getting Utilities Turned On

Even getting your lights, cable or other utilities turned on can be challenging and expensive if you have a low credit score. Many companies require those with bad credit to pay a much higher deposit in these situations.

As you can see, living with bad credit can be challenging. These are just a few reasons why it’s smart to do what you can to work on your credit if your score is currently low.

Credit Management reference:

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