Taking A Look At Your Credit Score

Our credit score is one of the most important yet undervalued numbers in our lives. Our credit score’s affect on our lives ranges from where we live to what kind of job we have. So who is it that looks at our credit score and what does it mean when they look?

1. Lenders. Looking for a loan with a monthly payment you can afford? Then you need to qualify for that loan and you will want an interest rate low enough to keep your payments to a minimum. Lenders analyze our credit score for loans ranging from cars to credit cards. Maybe you are somebody who pays cash for everything. If so, it is a noble effort but does little for building your credit score. Eventually you may need to borrow money, so get a credit card, even if you keep the balance paid up. Lenders do not know you pay cash; they only look at the bottom line, your credit score.

2. Insurers. Want to pay lower rates on your car insurance? Believe it or not your credit score is evaluated in the process of determining your rates. Having a top rated credit score can reduce your premiums by up to 31%, while those who have poor credit scores can pay up to 143% more.

3. Landlords. Before renting your next home or apartment, remember that your landlord wants to make sure you are the type of person who is responsible and pays your bills on time. The landlord can review your credit score to determine whether to issue you a lease and allow you to be their tenant.

4. Employers. Companies with a human resource department almost make it a practice to review your credit score. Why is this? Again, bad credit can be a sign of not being responsible.

5. Cell Phone Carriers. To qualify for a cell phone plan, make sure your credit score is high enough or you might find yourself getting a pay-as-you-go phone. Cell phone carriers don’t want to issue discounted cell phones and minutes to somebody who might run up the bill and then run off. Utility companies will often review your credit score too for the same reason.

Are you the only one looking at your credit score? Think again. Keep good credit is not just the responsible thing to do, it is almost a requirement if you want to progress in today’s society.

“Franklin Buck is the friendly spokes person for ThinkCash.com, a company that provides (personal loans – will vary) to individuals. For more information, please visit www.ThinkCash.com