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credit score
Have you ever been curious to check your credit report and find your credit score? Was it as high as you wanted it to be? If not, we understand.
Raising your credit score is fundamentally about demonstrating to creditors you are fiscally responsible. If you used the above tool to check your credit score and found the results less than satisfactory, consider acting on the following items to raise it:
Pay all bills on time – Something as simple as paying your bills on time, especially in cases where you previously were late can help begin to inch your score upwards. This is best practices for getting your credit score up, and a good habit to get into.
Credit Card Balances can hurt your credit score – Savvy consumers know the importance of keeping a minimal amount of balance on their credit cards. Credit cards are a privilege, not a right, and treating them with that mindset is a good idea if you’ve been having trouble being responsible. If you have trouble overspending, consider leaving credit cards at home and only bring an amount of cash you are willing to spend with you. This way, you won’t be able to overindulge.
A bad credit score won’t just hurt your ability to get new shoes at the mall. It can hurt you in other ways as well, that have real impact on your life. Young people especially need to be aware of how a bad credit score can wreak havoc on their personal and career well-being into the future.
Bad Credit can hurt Employment Opportunities – According to the U.S. Equal Employment Opportunity Commission, 30 to 40 percent of employers use credit score as an employment selection device. In other words, bad credit could be a stopping point from landing that new job, especially in a recession, where employers are especially careful to hire responsible workers.
Buying a home is difficult for people with Bad Credit – Many young people don’t realize the importance of good credit to get the proper loans to buy a home. According to Consumers Union, the non-profit publisher of Consumer Reports: “A borrower with a credit score of 660 or greater is considered to be of less risk.” If you are considered high risk, getting something like a home loan may be next to impossible.