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Should you really worry about having bad credit?

On Behalf of | Dec 9, 2016 | Credit Card Debt

Many of our recent posts have addressed the topic of poor credit. If your financial situation is keeping you from paying your bills on time, your credit is going to suffer. Should you be concerned about fixing your credit? The answer depends on how your credit rating may affect you personally and professionally. It is important for you and other Eugene residents to understand how your credit rating factors into your daily life.

You might not be too concerned about improving your credit if you do not plan on making any major purchases or changing your employment in the near future. However, your credit affects you in ways you might not realize. According to The Balance, your credit report will be taken into consideration whenever you attempt a large financial transaction, such as purchasing a home or financing a vehicle. Your credit also affects your ability to be approved for a credit card and obtain reasonable interest rates.

If you are moving to a different apartment, you might want to consider your credit rating. Many landlords check their potential tenants’ credit report before approving a rental application. If you are applying for a job that involves financial transactions, your potential employer is likely to consider your credit report to determine if you have good financial habits. Your credit rating may also have a significant impact on your ability to get financing to start a new business.

If you are content with scraping by, your credit rating might not be high on your list of priorities. However, it may be in your best interest to take steps to improve your credit score and thereby raise your odds of financial success in the future. This information should not replace the advice of a lawyer.


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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 22 years.