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Your credit score is an important aspect of your financial life. It affects almost everything about your finances. Starting from loan rates, to the ability to rent, and even your ability to get a job. Maintaining a high credit score should be a high priority in your financial life. When something goes wrong, you need help and fast. Here are some reasons for getting your credit score in good shape.
Getting a Job
Yes, it’s legal. In some states, employers may run a credit check to get an insight into your responsibility. A high credit score usually means that someone is responsible with money. This is a good indicator for employers. A poor credit score may harm your chances of getting a well-paying job.
Taking a Mortgage
When you want to buy a house or take a loan, the first number banks look into is your credit score. The score tells them everything, especially about your ability to pay your debt. A high score means you pose a smaller risk, so the bank will charge lower interest. A low score means you may not repay the loan, so you may receive anything from bad offers to full denials.
Renting a House
Like taking a mortgage, when you rent a house you commit to paying someone at certain times. Landlords want to make sure their property is safe and will be profitable, so they may ask for a credit report. A bad score shows a high risk which may cause you to lose housing opportunities.