In today’s world, people depend on credit for everything, which means paying attention to your credit rating is important. Here are four compelling reasons as to why maintaining a good credit rating is crucial to your ability to live the life you want!
It Controls Where You Live
In order to rent or buy a home, you first must prove to a lender or landlord you’re not a liability or risky investment. If you don’t have a good credit rating, it can severely impact your ability to gain approval for a mortgage loan or negotiate a lease. Even if you do manage to get approved, a poor credit rating can still get you in terms of how much you pay. Interest rates are often based on your credit rating, and landlords can request higher security deposits or create various fees to offset the disadvantages associated with renting to you.
It Controls What You Drive
If you are like most people in America who cannot afford to purchase a vehicle with cash, chances are you will need an auto loan. If you do not have a good credit rating it can be really hard to find a lender to give you a good deal – or any at all. A lot of potential car-buyers are rejected for auto loans based on poor credit history and scores. Also, like with a mortgage loan, your credit rating will also affect your interest rate and potentially increase your monthly payments.
It Controls How Potential Employers See You
In case you didn’t know, a lot of employers will actually run credit checks on potential employees to determine if that person is financially responsible. If you have a tragic credit rating, an employer may see that as a sign of irresponsibility, or determine that your potential salary would not be enough to offset your debt. Even if you have a job already, a poor credit rating can affect any promotions or raises you may have otherwise been anticipating – especially if you work in the financial industry.
It Controls Your Ability To Establish Utility Services
In addition to your home and auto loans, you might be surprised to know that you have to have credit to open a new account with a utility service provider. Electric companies, water companies, cable/phone/internet providers, and even some cell phone companies will all require an established credit history to prove your accountability.
If you have poor credit, our experts at Suburban Auto Finance can help. We may not be able to help you get the job you wanted, or your dream home in the nicest neighborhood, but when it comes to getting you into a reliable used car, we will always have your back! Simply click Apply Now to begin filling our your bad credit car loan application, today!