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5 Ways Bad Credit Can Hurt Your Life
Florence • Apr 08, 2021
The Effects of Bad Credit on Your Life
A bad credit score can have more consequences than you may be expecting. It may cause issues ranging from difficulty in getting a loan to relationship problems. Here are five ways bad credit can really hurt your life.
Difficulty In Getting A New Loan
A good credit score shows that you are more likely to pay your loan on time and that the lender is taking a lesser risk. On the other hand, a bad credit reflects the fact that you are not prompt in paying up your debts and your potential lender would be taking a high risk by accepting your loan offer. Many lenders don’t like lending people with a below average credit score and even those with an average credit score.
Difficulty In Renting An Apartment
Most times, landlords run credit checks when you're applying for an apartment lease, except it is prohibited by the local laws. This is because an applicant with a higher credit score is more likely to pay rents on time, compared to someone with a low credit score. Although, there are areas for which demand is not very high and landlords in such areas may not bother to run credit checks since there are not many people competing for the apartment. This means that, with a low credit score, you may be restricted to the ugliest part of town.
Difficulty In Paying for Utilities
When you have a low credit score, you tend to be limited in terms of utilities like cellphone and internet contracts. You may have to make security deposits like a secured credit card arrangement. If you make payments on time continually, you may get back your deposit in two years.
You could also use a prepaid phone plan. The major problem with this alternative is that it can b very expensive, considering the huge upfront costs. Also, in most cases, there may be limitations to talk and data.
Difficulty In Getting A Job
Except in states where the practice of running checks on employees is explicitly prohibited, you should expect your credit to be checked whenever you’re looking for a job. This is even more common if you’re applying for a management or financial role because your employer wants to know how well you can handle money. Most employers run credit checks as part of the evaluation process and they tend to disqualify applicants with low credit scores. Although it has been argued severally that employee credit is not necessarily related to job performance, employers still run credit checks on employees.
Problems in Personal Relationships
Having a low credit score does not only affect the monetary aspect of your life, it may also take a toll on those relationships that you value the most. This is simply because, even if your spouse has a good credit score and your credit score is low, you will surely have difficulties when applying for loans together, for example, mortgage. Also, if you applied for a joint card with your spouse, using your Social Security Number and you continually make late payments, it may affect the credit profile of both of you. Issues like these may cause frustration and uneasiness in relationships.
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