FICO® Score

10 Signs Your FICO® Score Is Negatively Impacting You

Have you got a poor FICO® Score? How can you tell? This list of ten red flags will show you exactly what to search for.

1.   You can not get a credit card.

If you have had a credit card application turned down, it might be a sign that you’ve got a poor FICO® Score. 

2.   You Need to register for utilities under someone else’s name

Utility providers assess your FICO® Score to find out whether they wish to expand services to you. For those who get a poor FICO® Score, they will see you as a risk when it comes to paying your bills. Either they will require you set a security deposit, or they’ll refuse to support you entirely, and you will need somebody else to register for the utilities only so that they’ll really do business with you.

3.   You’re being hounded by debt collectors

If you are getting phone calls and letters from debt collectors, it means that your FICO® score has gotten a significant hit. Meaning your creditors wrote you off as a loss and handed your balance to debt collectors rather. That type of mark on your FICO® score may significantly affect your ability to get approved for loans and credit cards.

4.   Nobody will co-sign your loans together with you

If your FICO® score is poor, you’re getting turned down for loans and cards which you’ve applied for by yourself. And you want someone to co-sign with you. When you can not get everyone to cosign for you personally, it is a fantastic sign your FICO® score is poor — if your family does not trust in your ability to pay them back, why should a corporation?

5.   You can not get used because of your FICO® Score

Nowadays, companies throughout the country are pulling yourFICO® Score to find out whether you’d make a fantastic employee, particularly if the position is for a fiscal or executive function. Having a poor FICO® score can disability you in the race for jobs.

6.   You can not rent an apartment

Leasing can be risky, so it is not a surprise that landlords seize any opportunity they could get to mitigate their risks. It is becoming common for landlords to test FICO® Scores to be able to exclude people they believe won’t be dependable when it comes to paying their rent. 

7.   You do not want to check your FICO® Score

If you end up coming up with reasons to not look at your FICO® score –“I do not have time”, or”It is not that important” or”I’ll do it after I have done these other things” — then you understand, at least subconsciously, that you’ve got a bad FICO® score.

8.   You have a low FICO® Score

A FICO® Score below 700 is deemed sub-prime nowadays. Banks won’t give you the very best interest rates if your FICO® score is under that. Or you might not qualify for their loans in any respect, and you will be forced to turn to riskier financial instruments.

9.   Your interest rates keep rising

Credit card issuers often increase interest rates in reaction to your FICO® score. If you do things that negatively affect your FICO® score, for example miss a few payments or get an account sent to collections, they may send you an interest rate increase letter.

10.   Your credit cards are becoming closed

Maybe 1 credit card becomes closed — that is not so bad. However, if a number of your credit cards are shut down, it is a clear signal that there is something gone bad with your FICO® score. 


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