Your credit rating decides how you interact with the world at large

Keeping one’s credit in good shape is not just good ethics, it’s makes good business sense. You’d be surprised how often and at what different levels we need our credit to pull us through, and without it – it’s like swimming in the ocean without a life vest. From looking out for an apartment to rent to applying for good jobs and shopping for great insurance or simply opening new bank accounts – Credit helps us everywhere.

Knowledge is power – how to check your credit

If you pull a copy if your credit report and use an online checking tool you can analyze the report. You get an overview in convenient segments that throw up detailed information on where your scores are below par and the steps suggested for normalizing the situation.

When you look for a rental apartment

When the landlord pulls out your report he gets to know your name, address and employer details and cross check that with what you have filled in your application document. A negative report could mean outright denial of rental to a bigger deposit or harsher rental terms. You may also need to bring in a co-signer to compensate for a poor credit background.

Applying for a car loan

The auto loan companies may not be bothered with your credit history as much as where your score stands. If the credit score hovers around 750 plus you are well on your way to the best loans with concessional rates of interest. If there are major negative marks, you don’t get to choose the terms of finance. You will find yourself having to pay higher interest or having shorter repayment tenure. Also, too many loan requests can negatively affect one’s score.

Applying to cell phone companies

Cell phone services can go through your credit report and if they are not satisfied with what they see they can charge you higher tariffs or shift you out of concessional plans. Your cell service enquiries will appear in a report.

Opening bank checking accounts

Banks will normally review credit reports when you apply to open checking accounts, and what they will be looking for are negative features like the frequency of bounced checks or missed payments and loan payments that have become overdue.

Supervisory agencies overseeing child support

These agencies cannot be taken lightly. In case you have withheld any childcare support remittances the matter will normally be reported to the credit bureau to finally appear in your credit report, thereby compromising your score.

Credit cards companies can check your ratings

Credit card companies usually frame different schemes and tariff plans based on your credit score. The highest credit scores (750 +) will ensure you get the most preferred cardholder treatment involving higher customer rewards and lowest APRs. Plans will get progressively unfriendly as you move down the scoring ladder. Credit card application enquiries will figure in your report.

Employers may access reports with permission

Employers if permitted to do so can access your credit report when you apply for a job. Your credit history and more particularly how efficient you are in managing your finances will be crucial in finalizing your selection. Adverse remarks and poor records can put off a prospective employer. Employer enquiries will not figure in the credit report.

When you apply for government assistance

Information such as your name, detailed former and current addresses, former addresses, and current and former employers can be accessed by government agencies when you apply for a host of government services.

Mortgages cross check facts

Mortgage application figure in credit reports and too many enquiries spoil the record. The information and your final credit score are used much the same way as banks do in framing the mortgage conditions. Scores exceeding 700 get you the best terms and lowest APRs.

Private Student Loans do check credit records

The only exceptions are federal student loans. But private lenders will go through reports to check your solvency and money management skills displayed in the not too distant past.

To keep payments updated and to prevent damage to credit reports car title loans are immensely helpful

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