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CREDIT SCORE
Repairing your credit score can be a daunting task without the proper tools. So we created the Credit Score section that details how you can rebuild your damaged credit and find tools so you don’t have to go at it alone. Don’t sit back and expect that number to just move magically, but we’re here to help!
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Ouch! You’ve Just Been Denied Credit – Here’s What To Do Next
So, you’ve applied for a loan and found out you were DENIED. You probably feel bummed, but you may also be wondering what to do next. Before you get up in arms about the situation, see this as a great opportunity. Now you have a chance to investigate any issues that are likely lurking on your credit report. Here are the next steps you should probably take:
- First, find out why you were denied. The lender will send you a letter letting you know what the issue was.
- Next, check your credit report. See if there are any late payments or accounts in collections that brought your score down.
- If you see anything on there that looks fishy, make sure you aren’t a victim of identity theft.
- After you’ve checked the problem and know why you were denied, you may want to consider a new lender.
Keep in mind that every time you apply for a loan, it pulls down your credit score a few points. It’s considered a hard inquiry. You’d do best not to keep applying for loans you know you won’t get approved for until you fix the issues on your credit report.
How To Build Credit When You’re Just Starting Out: Part 1
If you’re new to the world of credit, then you probably know it isn’t easy to establish good credit. Getting lenders to trust you can be a challenge as they want proof that you’re trustworthy. It’s really a catch-22 because how can you prove that you’re trustworthy if you’ve never had a chance to show it.
In part 1 of “How to Build Credit When You’re Just Starting Out”, you’ll see really great strategies for pulling points in your favor.
#1 – Become an Authorized User: If you can piggyback off of someone else with good credit, then do it. Becoming an authorized user means you will ask a friend or family member with good credit to allow you to become an authorized user on their credit card. Tell them that you don’t want a card of your own. You only want your name on the account. Depending on the company this might help add some history to your report.
#2 – Get a Co-Signer: A co-signer is someone who agrees to go on a loan with you in order help you get approved. You will have to be responsible with this because if you default on payments, they become responsible. That’s the opposite of what you want to do.
#3 – Get a Secured Card: Many lenders offer consumers credit cards in exchange for a deposit. So, this is another great option for when you’re just starting out.
These three tips will help to add favorable history to your credit report. Check out part two for more credit history building strategies.
Here’s What You Need To Know About Your Credit Score Before Applying For A Job
Who knew that getting hired for a new position could all come down to your credit history? It’s true. In several states, it’s perfectly legal for employers to pull your credit history during the hiring process. In their opinion, it determines your level of trustworthiness for the position they’d possibly be hiring you for.
Although legal, this isn’t something the majority of employers actually do. According to a 2012 survey from the Society of Human Resource Management, only 13% of respondents said they check all employee’s credit history while 53% say they don’t do it at all.
It’s still better to be safe than sorry, which is why there are proactive steps you can take just in case a hiring manager does decide to consider your credit history. You can be proactive by:
- Checking your credit history for inaccuracies
- Cleaning up where you can
- Having an explanation ready for derogatory marks
How Employers Can Use Your Credit History During the Hiring Process
In the US, many employers have the right to look over your credit report before hiring you. Some say it’s justified for “trust” purposes. Others say it’s unfair to minorities or to those who are low income. The good news is there are some states where employers are prohibited from using your credit score against you. These states include:
- Delaware
- Connecticut
- Colorado
- California
- Hawaii
- Maryland
- Illinois
- Vermont
- Washington
- Oregon
- Nevada
Although the state of New York hasn’t banned this practice, the city of New York has, which is a relief for many job seekers. Keep in mind that there are still some professions where it’s still legal to check your credit report such as some government positions.