Your credit score is very important. Whether it’s good or bad, your credit score can have a huge impact on your life, especially when you’re making a big-ticket purchase like a home or a car, or applying for a new credit card.
But your credit doesn’t just affect your ability to get loans and finance big purchases. Whether you have a good credit score or bad credit, your credit score can also impact your everyday life. Curious?
Read on, and learn about 4 surprising ways that your credit score – good or bad – can affect your everyday life!
1. Your Credit Score Can Influence Your Career
Though it’s still comparatively rare, many employers have begun running credit checks on prospective employees, in order to gauge their overall level of fiscal and personal responsibility.
While this is much more common in individuals who are applying for positions in the worlds of finance and accounting, or any career field where large amounts of money will be handled, some smaller businesses are also checking credit scores.
And this does make sense – if you have good credit, you’ve proven yourself to be responsible when it comes to money and decision-making – so you’ll probably be a great employee!
However, this can make things harder for individuals with less-than-perfect credit. While credit checks by employers are still relatively rare, it’s a good idea to be prepared to explain your credit situation if you do get checked when applying for a new job.
2. Your Credit Score Affects Where You Can Live
Landlords and renting companies almost always check your credit score before allowing you to rent from them, and having a good credit score can ensure that you get to rent a great apartment or house.
If your credit isn’t so great, your rates could go up, or you could be refused a rental altogether unless you can prove fiscal responsibility, or put down a large up-front deposit.
3. Your Credit Score Could Affect Your Love Life
Planning on getting married sometime soon? Hopefully, you’ve had a discussion with your partner about your credit scores and financial situations – because once you become married, you’re going to be sharing a lot of fiscal responsibility.
Contrary to popular belief, the credit scores of married individuals don’t “combine” once married – they will remain separate.
However, you will be responsible for any debts that your partner has assumed, and any joint financial decisions that you make (credit card applications, car loans, mortgages) will appear on both of your credit reports.
So if you’re involved in a long term relationship, it’s a good idea to get an idea of your partner’s finances and understand their situation so that you can repair their credit, and take the next steps towards a smooth life together.
4. Your Credit Score Might Affect Your Ability To Get A Car – And Your Insurance Rates
When you apply for an auto loan, your credit score is the first thing that lenders will look at. If you have a great score, it will be easy to get an auto loan, even on a brand-new car – lenders won’t think that you’re a risk.
However, if you have bad credit, you may be unable to get a loan for a car – even a more inexpensive used car. Often, you’ll have to purchase a car at a “Buy Here, Pay Here” dealership, or you may even have to pay cash if you’re totally unable to get a loan.
Your credit score can also affect your insurance rates in some areas in Canada – a poor credit rating may mean that you have to pay higher rates.
However, in Ontario, Newfoundland, and Labrador, this practice has been banned, so not all Canadians have to worry about their car insurance rates being hiked just because of bad credit.
Need A Car? Got Bad Credit? Come To Ride Time Now!
At Ride Time, we understand how hard it can be to get reliable, safe transportation when you have bad credit. That’s why we specialize in second chances. No matter how bad your credit is, we can give you a reasonable rate on a fantastic used car!
Just bring us a valid Canadian driver’s licence, proof of at least 3 months of employment, and a paystub showing take-home pay of at least $1500/month before deductions. If you can provide us with these 3 documents, we can help you find a used car that’s perfect for you – even if you have bad credit.
So whether you’re in Winnipeg or anywhere else in Canada, visit Ride Time today – we ship our cars all across the country, and we’d be happy to help you find your next car, no matter how bad your credit may be!
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