7 People That Look At Your Credit Report
Are There Any Skeletons in Your Credit Closet?
You should never underestimate the significance of your credit rating, as more and more companies are using your credit score as a meter of your financial responsibility.
Having a good credit score can save you thousands of dollars during your lifetime and it can even help you land a job.
This magic little three digit number is used to evaluate the likelihood that you will fail to pay your bills on time. If you are not taking good care of your credit score it can have repercussions and come between you and the objects of your desire.
So who are some of these people we are trying to impress with our magnificent credit diligence:
Cell Phone Providers - So you’ve been drooling over that 16GB iPhone or maybe the idea of owning a T-Mobile Dash has got your heart racing. You’ve been saving your pennies and your ready to get your hands on a hot new handset. But wait, how’s your credit? You are going to need a service plan, and that means monthly payments. If your credit score isn’t up to scratch you might not be denied the best rate plans, but you may even have to pay a deposit or even worse: you may get turned down.
Mortgage Lenders – Time to settle down and start acting like a grown-up? You’re ready to start a family; you’ve got the career and the trophy husband/wife. You’re pumped and ready to start commuting 3 hours a day from your vanilla suburban dream home. Unfortunately you and your spouse met during frosh week and they were giving away student credit cards like Mardi Gras beads. After a few a years of keggers and that massive student loan you have to pay off, how do you think your credit score is doing?
Credit Card Issuers – What’s the best way to start building a good credit score when you’re young? Get a credit card and pay off the balance monthly. What’s the best way to get approved for a credit card? Have a good credit score from paying off your credit card balance monthly. That sounds like a tough loop to crack. If you’re a student credit cards are easier to score than a dime bag. If you are having trouble getting a credit card you can always apply for a secured credit card which allows you to make a deposit and this becomes you credit limit.
Potential Employers – You’re tired of playing Johnny Jackanape at the local Sprawlmart. You’re better than this crap. You need to feel important and feel like you’re making a real difference. You dream of becoming a Captain of Industry. A job in a cubicle farm that’s the ticket! Who knows, after a few years under the poor air conditioning and the fluorescent flicker you might even make middle management. Go get ‘em Tiger! Be warned though, more and more employers are checking your credit score. To your potential corporate masters, having a poor credit score translates to being irresponsible.
Auto Insurers – It’s going to be hard impressing the ladies without a pimped out ride. Regardless of whether you want to drop some 20s on your Cobalt or you’re looking for a fully blinged out Escalade you better make sure your credit score is in good health. Not only is the auto dealer going to check your credit score to determine if you will be a payment delinquent, the insurance company is going to be basing your premiums on your credit history as well. That new set of wheels is going to be expensive.
Landlords – The day has finally arrived, it’s time to move out of your parent’s basement and to begin your new life of microwave dinners and dirty underwear. Oh it’s going to be hard but you’re made of sturdier stuff than that it’s time to rise above and start enjoying your new found freedom. Let’s hope you haven’t been racking up those credit card bills on Star Wars action figures and trying to convert Dad’s den into the bridge of the USS Enterprise. It’s all very well being a Level 8 Dungeon Master but if you have a poor credit score you could be forced to pay a large security or even worse pay higher rent. It’s not all bad news, though. I’m sure Dad will be more than willing to co-sign you lease. Anything to get you and your toys out of his house.
You – What do you mean you have never looked at your credit report? Knowing what’s on your credit report can help you plan for major purchases, and wouldn’t it be nice to see what all those people who have turned you away see. Every year you can get a free copy of your credit report from the 3 major credit bureaus (TransUnion, Equifax and Experian) by visiting annualcreditreport.com. So what are you waiting for? Finding out what what’s on your credit score can save you a lot of troubles and even better it could save a lot of money.
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