What To Do When Your Low Credit Score Is Holding You Back
Difficulty Renting an Apartment
A low credit score is a barrier to securing an apartment. Landlords often pull credit reports to check your financial history and make leasing decisions. If your score is low, you may face difficulty finding an apartment or being approved for one. You may also have to pay a higher security deposit or rent. For more information regarding this topic please visit: Experian - How to Rent an Apartment with Bad Credit
Higher Interest Rates on Loans
A low credit score will cost you more in interest on loans. When you borrow money, lenders will use your credit score to determine your interest rate. A higher interest rate means you'll pay more each month and over the life of your loan. You may also be denied certain loans altogether if your credit score is too low. For more information regarding this topic please visit: NerdWallet - Bad Credit Loans: When You Really Need Them
Difficulty Getting a Job
A low credit score can also affect your ability to get a job. Some employers run credit checks as part of their hiring process. If your credit score is low, you may be passed over for jobs that you're otherwise qualified for. This is especially true for jobs that require financial responsibility or trust.
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