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Your credit has a direct impact on many things in your life. Below is information detailing how and when credit is used and what the impact is when your credit file is accessed for specific reasons.

Your credit will likely be pulled by a rental agency or landlord when determining whether or not to rent you an apartment. They are going to be looking for major negative marks that would indicate that you are not a responsible individual. The information you put down as your employers address and phone number will also be checked. It is possible to be denied an apartment or be charged higher rent as a result of negative information on your credit report. Having to leave a larger deposit on have someone co-sign a lease for you is also a probability. Please note that inquiries as a result of rental applications will not affect your credit score.

Auto loans
The auto loan rates you receive when applying for financing will be directly influenced by your credit score. It is typical for auto lenders to not review your entire credit history. Instead they will rely on some basic application information and your credit score. Higher credit scores will result in the best deals (interest rates as low as 0%). If you have bad credit, don't worry! Star Loan Services specializes in proving car loans for people with bad credit, including bankruptcies. Typical interest rates for bad credit financing are going to be higher.

Cell phones
Your credit score will be checked by the cell phone company before they choose to grant you a plan. It is very common for people with poor credit to be asked to leave a larger downpayment or pay extra for the service contract. You can get a cell phone without having your credit checked. Please note that cell phone inquiries will show on your credit file and adversely affect your credit score.

Checking accounts
Your credit report will not be reviews by the bank when looking to open a checking or credit account. Your ChexSystems report will be reviewed by the bank. ChexSystems included records of all negative banking issues like bounced checks.

Child support enforcement agencies
Your credit history can be checked by a child support enforcement agencies. This type of inquire will not appear on your credit report and will have no impact on your score, non-payments will be reported by these agencies to the credit bureaus. Non-payments will damage your credit score.

Credit cards
Not only will your credit score be used to determine credit card approval, the interest rates and terms you receive will be impacted by what your score is. You will need to have a good credit history in order to receive a credit cards with low interest rates. Credit cards with rewards typically will demand the highest credit score. If you have poor credit, there are many bad credit card offers that are designed to help you rebuild credit. Applying for multiple credit cards will lower your credit score.

Any potential employers must have your written permission before they can pull your credit profile. Employers will obviously be looking for any type of negative marks on your credit report. If the employer decides not to hire you as a result of information present on your credit report, they must let you know and provide you with a copy of your credit report. Existing employees can also have their credit checked by their bosses as long as permission has been granted. Your credit score is not affected when an employer checks it.

Government assistance and licensing
If you are applying for government assistance or specific licenses, a thorough credit check will be performed. However, that your permission is not needed by any government agency when accessing limited information from your credit files, i.e. your name, current and former addresses, current and former employers.

Rate and terms for home and auto insurance and determine by your credit rating. Nowadays, over 90% of auto insurance companies will use your credit information when determining approvals and rates. The better your credit score, the better the rates you will receive. Insurance credit inquiries will not affect your credit score.

Mortgage loans are the largest type of loans. Therefore, the review process is much more detailed. When applying for any type of mortgage, lenders will review all three of your credit reports and scores. Encompassing a credit score of 700 or above will allow you to receive favorable rates. Mortgage applications do appear on your credit score and can result in a lower score.

Student Loans
Your credit is not pulled when you apply for federal student loans. Also, when you consolidate federal loans, your credit will not be checked by the new lenders. Your credit is only checked some of the time when applying for private student loans.

Utility Accounts
It is very common for your credit to be checked when opening new cable, phone, gas, electric or other types of utilities. If you have poor credit, you may need to have someone co-sign your account for you. Inquiries from utility applications do not harm your credit score.



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