Your Credit: Who's Keeping Score?

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Your credit score is one of the most important numbers in your life. Your credit score is used in a variety of different ways and it impacts your life greatly. Here are a few things to consider about who is using your credit score.


Lenders are one of the most common groups that will use your credit score. Every time that you try to borrow money, you are going to have to have a credit check done. The lender is going to pull a copy of your credit file and look at your credit score. If your credit score is good then you can get approved for a loan. If your credit score is bad, you may not be able to get the loan or you might have to pay a higher rate of interest. Your credit score tells lenders what type of borrower you have been in the past and whether you would potentially make a good candidate for one of their customers.


Insurance companies also use your credit score. They will pull a copy of your credit score when they are reviewing your information to give you an insurance quote on a policy. The credit score that they look at is slightly different from the one that lenders are going to see. It is a special credit score that is created specifically for the insurance industry. If you have a good credit score, your insurance rates are actually going to be lower.


If you rent a property, your landlord is also going to take a look at your credit score. Your lender can see whether you have a habit of paying your bills or not. If they like your credit score, they will give you a discount on your rent. If your credit score is low, they may charge you a higher deposit or higher amount of rent. They might also give the property to another potential tenant if your credit score is too low.


Many people do not realize that employers look at their credit score when they are applying for a job. When an employer does a background check on a potential employee, they are going to get a copy of that persons credit report. They will look at the credit report and determine if they have been a responsible individual. This tells them whether they should trust you to be responsible in your employment in the future. If your credit score is low, you might have a hard time finding a good job.

Cell Phone Carriers

If you have ever tried to get a cell phone with bad credit, you know that cell phone carriers check out your credit score. If you have a low credit score and you try to get a new cell phone, you are most likely going to have to pay a large deposit. This helps the cell phone carrier protect themselves against unpaid cell phone bills in the future.