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No matter who you are, if you’ve been making purchases over the years, then you already understand the importance of your FICO score.

Your Credit Score

We all understand how your credit history can affect your score, but there are many other ways that your credit score can change the way you live.

We all understand how your credit history can affect your score, but there are many other ways that your credit score can change the way you live.

It is not difficult to understand that credit scores rely on payment history to determine whether or not you will get approved for a loan. What many may not be aware of is how it can affect your life on a more intimate level.

  1. Your Personal Relationships

This usually comes as a surprise to many, but a low credit score can even cause damage to your personal life.

One factor many look for in a romantic relationship is someone who is in a similar or better financial position than they are.

A person with a good credit score is deemed reliable and trustworthy, and someone with a low score is usually the one that should be avoided.

  1. Where You Live

Whether you want to get a mortgage or you plan on renting, most places will now check your credit score before they decide to give you the keys.

If you have a low credit score, then plan to shell out a lot of additional cash just to get your foot in the door.

If you do get approved for a mortgage or a loan, be prepared to pay a higher interest rate for the privilege.

  1. Your Job

When you are applying for a new job, your potential employer may be checking your credit score. This is done to determine if you have any outstanding debts that still need to be paid.

Many companies now do this for jobs that involve handling the company’s money. If you’re not able to manage your personal finances well, then how can they trust you to handle company finances?

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  1. Your Insurance 

A low credit score also can have an impact on the kind of insurance premiums you will make. Many insurance companies not only see that you are unreliable with money but are more likely to file a claim if the issue arises.

While they most likely won’t be able to deny you insurance, a low score will usually cause you to have to pay higher premiums to get it.

  1. Deny You Services

Your credit score may affect what services can be made available to you. Some cell phone companies may not be willing to grant you a service plan.

You may be forced to go on one of those month-to-month plans or be required to get a co-signer to back you until you are better able to pull your score up.

  1. Can’t Open a Bank Account

Banks can deny you a checking or savings account. Whenever you try to open a new bank account, they look at your history to see how you handle money.

However, if you have bad credit, getting even a savings account can be much more difficult. While your score may not stop you from getting a bank account, it may be getting in the way of having more favorable options.

  1. Can’t Get Credit Cards

People use credit cards for almost everything. However, with a low credit score, the more preferable credit cards - those that offer rewards and lower interest rates may not be available to you.

To get a card, you may need to get either a secured credit card or use one that requires extremely high interest rates, which could end up being quite costly over time.

There was a time when one's credit score was only viewed when issuing credit. Today, however, more and more people are looking into a person's financial history to determine if they are worthy of their trust.

Not only can a low score interfere with your personal relationships, but it can also get in the way of getting into your chosen career. It pays to make sure that your credit score is the best it can be.

It is wise to check to see what your score is before you plan to use it, and if you find some negative actions on your part has brought it down, you should do all you can to reverse the trend before it is too late.