0
Credit can definitely be a double edged sword. When you want to buy a car or a home, a loan is needed most of time. Lately, many companies have taken to running a credit check on potential employees, to see if there is anything that may show a possible reason why someone may be more inclined to theft or fraud. When signing up for credit cards, or bank accounts or even some utilities such as cell phones or cable tv, companies will check your credit worthiness, so YES, credit and in particular, GOOD credit is very important today. Having too many revolving credit lines such as credti cards or home equity lines can be considered BAD. An individual should only have a certain percentage of one's yearly income available to them in credit. Any more than that can be considered a big risk for creditors because you could run them all to their limit and then default or declare bankruptcy. Bad credit is the worst. Not paying on time can affect your ability to function today. Just look at all the things in the first paragraph that you need credit for and imagine not having them.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
How much does a bankruptcy negatively affect your credit score?
A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.
How is credit history check useful?
"A credit history check would be useful if you were trying to buy a house or a car, or obtain a loan. You could check your credit first, and if there were problems you could pay them off before applying for loans."
What are the ways someone can improve his credit rating?
If someone wanted to improve their credit rating there are a variety of places where someone can do so. Some of these ways are for the individual to check their credit files.
What increases your credit score lowers it?
Increases are caused by paying any credit cards promptly, and on time. Decreases are caused by you making late (or no) payments each month. Additionally - CCJ's will always have a detrimental effect on your score.
What is vanquis most useful for?
Vanquis is a bank that has earned a reputation for providing credit cards to those with poor credit scores. In this way Vanquis helps people with bad credit improve their credit scores.
What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
In what ways are entrepreneur are useful?
In what ways are enterpreneurs useful to suppliers
In what ways are fossils useful to geologists?
In what ways are fossils useful to geologist?
In what ways are entrepreneurs useful to suppliers?
In what ways are enterpreneurs useful to suppliers
What ways are entrepreneurs useful to supplier?
In what ways are enterpreneurs useful to suppliers
What are five ways that plant are useful?
five ways how plants are useful to us
Why would you favor or oppose constitutional amendments?
I would favor constitutional amendments if they enhance individual rights, promote equality, or address pressing issues in society. On the other hand, I would oppose amendments that infringe on basic rights, discriminate against certain groups, or undermine the core principles of democracy.
In what ways are credits useful and harmful?
Credit cards are essentially a tool. The usefulness or otherwise is not inherent in the tool but in the user and the purpose to which it is applied. A card is useful in that less cash needs to be carried but if used unwisely insupportable debts may be incurred.
In what ways are animal useful?
jbyntmy
How much does a bankruptcy negatively affect your credit score?
A bankruptcy stays on your credit report for 10 years and you may have to answer about it for the rest of your life. Who knows what effect it has on your credit score? Companies that lend money. Only when you apply for credit after bankruptcy will you know the full detrimental effect.
Why neem tree is useful for us?
Because the are useful to us in many ways
In what ways was slavery detrimental to southern society?
the slavery has destroyed my foot for the south. In the salad, slaveary can destroy my leg
