Things Affected By Bad Credit
Maintaining a good credit score is essential for a lot of things in life. We all know that it can be next to impossible to get a loan from a bank if you have a bad credit rating. Having a poor credit history can also pop up unexpectedly in several other places though. Below are some of the things in your life that could be affected by bad credit, and what you can do to fix them. By knowing where it might affect you, you can better prepare for them.
Renting A Home: When you go to rent a home or apartment, the landlord may run a credit check to make sure that you are able to pay your rent. If they find you have a poor credit history, they may deny you the residency. There are several things you can do to increase your chances of getting the property. The first is be upfront with the landlord. Explain to them your current situation before they run of a credit check so that you can put your side of the story out there. Also dress professionally when you go to meet them, and offer to show them around your current residency to show that you can take care of the property. If you can afford it, offer to pay the first few months rent in advance. This will show that you are serious about the place and that your finances aren't as bad as the credit report would suggest. One last thing you can try is to get a reference from a previous landlord. If a past landlord can give you a good recommendation, it would probably go a long way with a new potential landlord.
Employment: Not all employers will run a credit check. This typically happens if you are going to be working with finances, and the employer wants to make sure you are a good “fit” for this kind of position. If this happens, just be upfront with the employer. Ultimately it will be up to them if they want to hire you, so make a good impression and be honest about your current financial situation. This is your best bet when trying to secure employment.
Starting A Business: Getting a loan with bad credit is hard enough, but trying to convince a bank to invest in a business when you have poor credit is near impossible. If you want to start a business, but do not have the credit rating to secure a loan, there are several options to consider. You can consider a personal loan, a logbook loan, or asking a friend or family member to loan you the money. These loans can be a little riskier, but may be you only options if you have bad credit.
Your Partner: Lastly, having a poor credit rating can affect your significant other. If you share financial accounts, then one person missing a payment effects both people. If one person has a poor credit rating, there are a few things you can do to repair both of your ratings. One thing to consider is having separate accounts. If one person has a great credit rating, you may want to keep your money separate and putting everything under their name. This way you can apply for things like loans under their name, and the bad credit of the other person won't factor in.
Keeping your credit rating in good standing is more important than you might have thought. If you find yourself with bad credit, need a loan, and are in the Cambridgeshire area, you can consider getting a doorstep loan from Cambridgeshire Link.