Home Rent to Own | Power of Sale/Foreclosure | Credit Management Have You Been Declined For Home Financing? | Page 8

How Bad Credit Management
Can Impact Your Life
• Bad credit management can make life increasingly complicated,
from stopping you from getting the job you want to denying you the
possibility to buy a car or rent your dream home. Having bad credit
scores is an indication that you are a risky borrower and that
decreases your chances of accessing a loan or a mortgage.
• And it does not end here. Utility companies, such as gas and
electricity providers also check your credit when applying for their
services. Having outstanding bills minimizes your credit worthiness
and they might ask you to pay a security deposit in advance to you
being able to access the service. Similarly, when trying to rent a
property with a poor credit, the landlord may be inclined to ask you
to cover as many as six months’ rent prior to you moving in.
• Insurance companies also check for credit as it is believed that lower
scores are associated with higher claims filed. This means that if
your credit scores are unsatisfactory, they are able to slam higher
premiums without taking into consideration how many claims
you’ve actually filed so far.