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How Bad Credit Affects Your LifeLiving with a bad credit score can have a very negative impact on your quality of life. It’s almost too easy to fall into the trap of lowering your credit rating, and it can be a time-consuming struggle to drag a credit score back to healthy levels. Most people are unaware of just how much their lives are affected by a weak credit rating. From not being able to find a job to having problems taking the children to school, a poor credit rating can have many negative consequences that you might not have considered. If your credit score is lower than you expected, here are some of the factors that you might not have considered, and the solutions that could see you back on financial track much more quickly: Somewhere To Live While most people assume that having a bad credit rating will just mean that you have to pay higher rates of interest on credit and debit cards, the fact is that a poor credit rating might even affect your ability to rent a home. Landlords always check credit scores before they approve a rental agreement because they want to know that you can afford to pay. If you're already struggling financially, then being between homes will be even more stressful, but there are solutions. There are estate agents and landlords who will accept tenants with low credit scores, but you should expect to pay more of a security deposit. No Phone It feels like having a smartphone is a necessity in the modern age. They are vital when it comes to keeping in contact with friends, family, and work colleagues. They are also a vital component of applying for jobs these days. However, if you have a bad credit rating, you may find that it is much harder to get a phone contract. Phone companies will always run a credit check, and if yours is bad, then your chances of getting that contract become much slimmer. There are options if you can’t live or work without your phone. Buy an older model and look for a sim-only plan that avoids the need for a contract. This gives you much more control over how much you spend on calls, texts, and data. Buying a Car You will certainly struggle to get a car loan if you have a poor credit history. With the state and high costs of public transport, having a car is increasingly vital for getting to and from work or for doing the school run. However, there are ways to ensure that you can get out and about when you need to. Leasing a car should be something that you look at, and there are companies like Compass Vehicle Services who specialize in leasing out vehicles for people that have poor credit scores. You simply choose the car that you want from their selection, agree to the duration of your lease, and return the vehicle when the lease is finished. For those people struggling to cope after a car breakdown they can’t afford to fix, or who need a car to get to a new job, getting a vehicle is now more than possible with some smart leasing. When you mismanage your finances to the point where your credit score is negatively affected, it can take time to get back to a level footing. Take control of your credit score and your life and look for solutions to the many issues that will face you. Take a proactive approach to your credit score and it might affect your life much less than you think. CommentsComments are closed.
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