Video: How Important is Your Credit Score?
Even non-home-related things can be dependent on your credit score. Did you know that more likely than not, an employer will check your credit when you apply for a job? Auto insurance companies can charge you higher premiums or even turn you down. Cell phone companies, credit cards, utility providers, even banks when you open a checking account, will routinely check your credit score.
If you’re looking for a place to live, your credit score definitely can affect your prospects. Take a listen…
For your convenience we’ve provided a transcript directly below this video.
Video Transcript: How Important is Your Credit Score?
Welcome to Today’s Home Update, I’m Kelly.
Credit Scores are a crucial factor, weighed in a number of circumstances. Do you know all the scenarios in which your score plays a role? The most important according to American Consumer Credit Counseling are:
- Buying a Home – Your credit score impacts your ability to take out a mortgage for a home. If you have poor credit, a lender may deny the loan.
- Renting an Apartment – Landlords have the option to check a potential renters credit score when considering an application. A prospective tenant with a low score may be required to have a co-signer on the the lease, or may even be denied.
- Interest Rates – Banks often agree to approve loans for those with poor scores, but in most cases they come with higher interest rates.
- Homeowners Insurance – Your state may allow your credit score to determine how much you pay in premiums for insurance.
Thanks for watching Today’s Home Update. See you next time.
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