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| *Loan,banking and credit>>>credit report |
In what situations do people ask to check your credit score/report? |
What are some personal experiences and how did it effect the outcome of whatever you were doing (getting a car, credit card, house, loan)? any situation where you are borrowing money, sometimes for getting a job, most of the time when renting an apartment or house. In any decision where borrowing money is an issue they check your credit rating - unless you use a buy here/pay here type of place. Those places instead check your criminal background and check to see how many bad checks you have recently passed. How has it affected me? Well, I know that I can't get a new car without having 10% down, I cant buy a house without having 20% down, nobody will give me a credit card that has real credit on it, and recently it made by car insurance rates skyrocket. In the meantime, I pay all my bills by cash or money order, and have very few actual recurring bills other than my rent and car insurance, and I own everything I have. If you are wondering, I drive a BMW - and unlike most people out there driving BMWs, I own mine completely because I cant get credit. Nuts, isnt it? Mortgage or car purchase are two situations. Anytime you are making a large purchase that requires payments. Sometimes credit cards will depending on your age, etc. Be very carefull because it can lower your rating when a lot of places check on you, and make sure you know who you give information too - if they are not a reputable firm they can steal your identity. Anytime you apply for credit weather it's for a vehicle, home, boat, personal loan, credit card whatever the lender is going to look at your credit so they can assign a risk factor and interest rate for your loan. How has it effected me, I buy cars, homes whatever I need without money down and get the best rates of interest. Finance Manager for over 7-years. People will check credit raitings for all manner of credit related things including car loans and house loans and credit cards. If you have too many requests for your credit information it looks bad, so it's good to stop those people who send out credit card offers from being able to check. I know when I was younger I was pretty bad on my credit, and it made it harder for me to get a car loan. Of course the dealership wanted me to have one, so we worked something out, but I ended up with a higher interest rate than I would have liked. |
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