Just How Important Is Your Credit?

Your credit score is one of the most important aspects of your financial health. While you may know that your credit score is used in lending decisions, today your credit score impacts more and more of your life. Here’s a few examples

• Credit scores may be used by telephone companies, utility providers, and cell phone companies to set whether you will be required to have a deposit for service.
• Insurance companies use credit scores to help set your insurance premium. If you have poor credit, they may charge a higher premium to offset the risk that you may not pay.
• Employers are now checking credit scores in making decisions regarding hiring and promotions. If an employer believes that your credit troubles may affect you in the work place, you may not get the job!
• Banks may look at your credit score when deciding whether to let you open a checking account or add overdraft protection to an account.
• Credit scores directly impact the interest rate and terms of most credit cards.
• Nearly every consumer loan available, from car loans to home loans uses your credit score to set interest rates and specific terms for your loan.

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