Your credit score affects more aspects of your life than you might think. Understanding these impacts is the first step towards taking control of your financial future.
In today’s video we’re going to explore your credit score and how it can impact various aspects of your life.
1. Getting Approved for Credit
One of the most obvious ways your credit score affects you is your ability to get approved for credit. Whether you’re applying for a credit card, a car loan, or a mortgage, lenders use your credit score to assess your creditworthiness. We’ll dive into what this means for you in just a moment.
2. Interest Rates You’ll Pay
The second life impact with those scores is the on the amount of interest you will pay. Your credit score plays a significant role in determining the interest rates you’ll pay on loans and credit cards. The higher your score, the lower the interest rates you’ll secure, saving you money in the long run.
3. Apartment Rentals
For those of you still renting. Did you know your credit score can impact your ability to rent an apartment or home? Many landlords check credit reports to evaluate the risk of potential tenants. We’ll discuss strategies for managing this aspect of your credit score.
4. Employment Opportunities
Over the last decade we have seen the life impact of number 4. Your credit score may even affect your job prospects. Some employers use credit checks as part of their hiring process, particularly for roles involving financial responsibility.
5. Insurance Premiums
Your credit score can also influence the premiums you pay for various types of insurance, such as auto and home insurance. Most applications for insurance will ask for your social security number so they can do a soft pull to check your scores and if any balances are owed to any other providers.
6. Utility and Cell Phone Services
Believe it or not, utility companies and cell phone providers may review your credit before offering their services. A soft credit pull is used to determine whether a deposit will be required in order to obtain services with that provider.
7. Personal Stress and Well-being
Beyond the financial implications, a poor credit score can lead to stress and anxiety. Listen there are options to clearing up the low scores that may be impacted by inaccuracies in your report. I’ve partnered with a Legal Service Plan that will fight on your behalf to analyze and dispute those inaccuracies.
If you have any questions or want to share your experiences, please leave a comment below.
FTC Disclaimer: This is not a sponsored video or article. All opinions are genuinely my own. This post also contains affiliate links and I earn a small commission if you make a purchase after clicking on my links. It does not cost you any extra. Thank you for your continued support to keep the Bri Callis Blog going!
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