Denied: The Consequences of Credit

Do you know the consequences of having a bad credit report? Well, I’m an employee of the state of Maryland and I have witnessed the effects of having a bad credit report. When people are seeking a decent job with benefits, they come into my office. I schedule an interview with them and ask for their personal information because I may take a look at their credit report. Many of these people are more than qualified for the job, but if their credit report tells me otherwise, I may deny them the position.

Bad credit reports can affect your life in other negative ways. With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that you are always aware of your credit decisions. Paying bills late, maxing out credit cards, and filling out numerous credit applications in a short period of time will also have a negative impact on your credit report. To maintain a good credit report you should pay bills on time and apply for credit sparingly. Last, but certainly not least, you should check your credit report annually! You can receive a free credit report from each of the three credit reporting agencies each year. This is something you should take advantage of since it will help you judge whether you are managing your credit wisely.

It is imperative that you maintain a good credit score. If you don’t, you could miss out on many opportunities. For example, you may find an opening for your dream job that you are qualified for, but your negative credit report causes you not get the job. Do not let this happen to you! Maintain a good credit report and opportunities like this will not pass you by!
 

Student Editor: 

Comments

This is really true. In order

This is really true. In order to maintain your good credibility for your credit card, you should pay on time and you should always monitor all your expenses.

francecooper's picture

"With a bad credit report and

"With a bad credit report and a low credit score, it is harder to receive a credit card, an automobile loan, a mortgage, or possibly a job. It is important that you are always aware of your credit decisions"
I agree with you Raeslee. Credit card rating is very important especially when asking for loans and for professional standings. Indeed, we should protect how to maintain a good credit score for good opportunities. In fact, carrying balances on too many credit cards can harm your credit rating. In order to staunch the bleeding and perhaps obtain a much better interest rate, many consumers consider consolidating credit via balance transfer. Does doing this hurt your credit score?