Contrary to popular belief, bad credit doesn’t just affect your ability to get approved for a credit card; it can affect multiple areas of your life. If you’ve been living with a bad credit score, then it is important to know how it can affect you. That’s why, in our last blog, we went over the first five ways that bad credit can hurt you, and today, we’ll be finishing up our list with these last five ways that bad credit can affect your life:
#6. Difficulty Getting a Cell Phone Contract
Compared to some of the other negative effects of bad credit, like having trouble finding a place to live or buying a car, difficulties getting a cell phone contract can seem trivial, but when you consider the fact that landlines are essentially obsolete, it’s easy to understand the fact that it’s almost impossible to go without a mobile phone. Cell phone carriers will use your credit score when you apply for a contract. A higher credit score gives the carrier more peace of mind that you’ll pay your bill on time, but a bad credit score could keep you from qualifying for a cell phone contract altogether. There are other options available for people with bad credit, but they can be inconvenient and needlessly pricey.
#7. Strain on relationships
Although getting married to someone doesn’t mean that your credit scores are combined, a bad credit score could affect your ability as a couple to secure everything from credits cards to mortgages, which could potentially put a strain on your relationship. Financial issues, including those related to bad credit scores, can play significant roles in relationship problems, and many marriages have ended in divorce due to financial issues.
#8. Difficulty securing professional licenses
Not only does bad credit haunt you in many aspects of your personal life, but it can also follow you in your professional life. The Fair Credit Reporting Act, which we mentioned, in our last blog, is the act that allows employers to check credit reports of applicants, also gives regulatory government agencies the ability to check credit reports. That means that the state can consider your “creditworthiness” before issuing professional licenses. This can apply to a variety of professional licenses, from construction licenses to medical licenses and everything in between.
#9. Trouble with utility companies
In many cases, utility companies will check your credit before they will turn on a service for you. Again, they are just trying to ensure that they can rely on you to pay your utility bills, but if you have bad credit, it can make it difficult to get the utilities you need. The good news is that bad credit typically won’t make it impossible to get the utilities turned on, but you may have to put down a deposit for some services or equipment, such as a cable box.
#10. Difficulty improving your life
Not only can bad credit add stress to your life, but it can also make it harder to dig yourself out of the situation you are currently in. From making it harder to find a better job to making it almost impossible to move anywhere new, bad credit can make it difficult to improve your own life in a number of ways.
Bad credit? Turn to Ways 2 Rent for second chance rentals.
At Ways 2 Rent, we know that there are many circumstances that can leave you with a bad credit score and a difficult situation, and that’s why we’ve set out to help people all over the United States find second chance rentals. We offer a variety of programs to help you secure housing with bad credit, from Renters Identification Numbers to Eviction Removals. Contact us today to find the right program for your needs.