Most people who rent a house, condo, or apartment have no idea that the financial credit of their landlord has a potentially dramatic and life-changing influence over their own situation.
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Better credit can be a factor when you are looking for employment. In this day and age, employers are wary of hiring people who may turn out to be a bad investment of the time and energy it takes to train them. They also want to ensure that they screen out people who may be irresponsible, because that could lead to unfinished tasks, unnecessary missed days of work, or a lack of focus and attention to the job at hand.
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Credit card companies are lowering limits without warning, because of the continuing credit crisis. Because they are afraid of losing money on people who fail to make their payments, declare bankruptcy, or go into foreclosure, almost all the lenders in the country have tightened up their rules and regulations and have reigned in their lending.
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With the average American now carrying thousands of dollars in high-interest credit card debt, there has never been a better time to cut up the plastic and stop racking up bills. But before canceling a credit card it is important to realize that there can be negative consequences in terms of your credit rating or credit score.
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It is tempting to apply for new credit cards when they are offered. But each time a person applies for credit – whether the application is approved or not – it can have a negative impact on one’s credit score. So next time a clerk in a department store offers a 10 percent discount on your purchase if you will simply fill out a form and apply for the store’s credit card, consider the potential consequences.
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