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What's Your Credit Score?1/14/2019 Your credit rating is a score used by banks and lenders to determine the level of risk you pose. If you’re looking to borrow money, a lender will look at your credit score before approving or rejecting your application. A high score represents low risk, while a low rating indicates high risk. If you have a low score, there are steps you can take to improve your credit score.
More landlords are using credit scores to screen tenants. A bad credit score, especially if it’s caused by a previous eviction or outstanding rental balance, can severely damage your chances of getting into an apartment. A good credit score saves you the time and hassle of finding a landlord that will approve renters with damaged credit. Add auto insurers to the list of companies that use a bad credit score against you. Insurance companies say that people with bad credit tend to file more claims and these people are penalized with a higher insurance premium. With a good credit score, you’ll pay less for insurance than similar applicants with lower credit scores. These deposits are sometimes $100 to $200 and a huge inconvenience when you’re relocating. You may not be planning to move soon, but a natural disaster or an unforeseen circumstance could change your plans. A good credit score means you won’t have to pay a security deposit when you establish utility service in your name or to transfer service to another location. Let the Credit Specialist at MHN Credit Foundation help get your credit score back on track. Call one of our Specialist today at 336-270-9509 for more information.
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