A low credit score doesn't always mean that your credit history is poor; it could be that the credit reference agencies have little knowledge about your finances. Perhaps you only have one credit card or maybe you don't use the cards you have because you don't want debt. In some cases, you have few or no other lines or you may have just attained the legal age to apply for credit. All these factors can affect how high the score is. Borrowing money sensibly and making timely payments are essential in building a credit history. Below you will find examples how poor or no credit will impact you.
Credit history is an important part of many landlords screening process and very often, landlords make decisions solely based on the credit score of a potential renter.
STARTING A BUSINESS
Banks and other financial institutions look for good and established credit before lending. Want a Small Business Loan from the Bank? You will need a 670+ beacon score and proof of other credit as a minimum requirement.
NEED A MORTGAGE
Credit history is a deciding factor in whether you qualify for a loan or mortgage, and what the terms and rates will be.
Many employers mandate credit screening prior to making job offers. Credit score is being used as a measure of responsibility by the employers and can affect your employability.
Credit does play a role in determining how much an insurance company charges. A higher score proves that the insured is responsible and every insurance company wants to reduce their risk.
UTILITIES & CELL PHONES
Utility, cell phone and internet providers routinely check an applicants' credit history prior to activation. In some cases services may not be provided, or the carrier may require a “security deposit” up front.
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