People who value their financial life always take their credit score into consideration. They try to boost their credit scores for as much as possible. It is simply because your financial life will be very much affected if you will have a low FICO score. Basically, a low score will limit your options on almost everything. If you have a low score, your choice of apartment may be very limited. The better complexes after they read your reports will most likely deny your application.
When this happens, you will be forced to live in a complex that you did not like since your options are only limited. However, these consequences are not as big as the other effects of a low credit score. Did you know that a poor FICO score can affect your employability?
It is one of the worst consequences that a person can get because of bad credit history. With the current economy that we are facing right now, a lot of people are looking for jobs. High prices of everything and high unemployment rate is part of the economy right now. One of the reasons why people do not get the job that they want is because of bad credit history. Basically, the higher your credit score is, the better your chances to be hired for a new position in a company.
You may all be surprised but a lot of employers check the credit reports of their new hires just like any lenders do. When the companies see your records and you have a high FICO score, they will believe that you are a responsible and reliable person. Your high credit score will prove that which means that you paid your bills on time.
However, if you have a low FICO score, your resume will most likely be placed at the bottom of the pile. Also, if the job you are looking for requires a background check, then you will have a hard time getting the position that you want. When companies perform a background check, an employment credit score check is also included. If you have a low FICO score, then you really have a small chance of passing it.
Credit score really had a huge impact when you are searching for a new job. If you are currently working on some loans, try to repay it on or before due date and try to build up your credit score.