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Your Credit Score:
Eliminating Potential Barriers to your Next Position
A few days later, I reviewed Operation Money, by Jean Chatzky. I opened the book, watched the introductory video, and realized I was not alone. That night, I talked to my husband about my credit score drop; we discussed the steps that I needed to take to improve my score.
By Amy Rossi
Here are the THREE LESSONS I learned:
First, KNOW your credit score by checking it at least once a year. I hadn’t checked my credit score in about five years. I didn’t realize that the “score” range had changed. For more information on how scores are calculated, read chapter 3 of Operation Money, http://www.jeanchatzky.com/operation-money/ch03.php?p=3.
NEXT, assess the problem. Understand there are different kinds of debt, and know how your debt affects your overall financial stability. Potential employers consider how "reasonable" your debt is in relationship to your income.
I was excited when I got a note saying my bank would include credit scores on my monthly statements. I knew this information was important to both my financial health and my career opportunities.
But I couldn’t believe what my eyes SAW when I got my first credit score -- It had fallen over 170 points since I last checked it. Knowing the relationship between finance and career opportunities, I knew I had to take action.
Excessive debt can make you a liability to potential employers.
Additionally, debt that is "overdue" or acquired from fiscal irresponsibility can impact whether you are offered a job or awarded a security clearance, which impacts the types of jobs you can get.
Maintaining a good score is important because it could affect your security clearance, a job offer, or your ability to borrow money.