So, failing to take active measures to improve your ailing credit score can
cost you hundreds or even thousands of extra bucks on a home mortgage, auto loan, student loan, credit card interest, or an insurance bill.

Creditors and lending institutions look at your credit report to determine your score.

The score is the single largest factor that banks and other lending institutions look at when extending credit.

So, if you have a not so perfect credit score then you can bet that you’ll be charged higher fees and terrible interest rates.

Heck, even insurers use your score as a factor to determine your credit rating as an insurance risk because they too see a correlation between financial responsibility and insurance losses.

This might come to you as a surprise that credit check is not restricted to banks, lenders or insurers, employers too go for credit check before hiring an employee. It is even noticed that credit score is one of the factors that sometimes play a role in promotions as well.

Most apartment complexes run both credit as well as employment background checks before approving an application to rent an apartment. A poor score can have your application denied or you may have to pay a ridiculous amount of rent.

So, I hope this quick little post shows you just how important it is to keep that credit score on the up and up… it means a heck of a lot more than just a cool number between 500 and 850.

In the next few weeks I’ll write a post or two on building your credit while in college… the safe way.