Setting up new utility accounts: You found your dream home, and you need to set up electricity, water, garbage and cable accounts. These companies will check your credit history. If you have credit issues, you could be required to pay a deposit or add a co-signer.
Finding a new job: You start filling out applications and notice that most ask for your permission to check your credit report. Federal law allows employers to do this, but they must get your consent and let you know if you were rejected on the basis of the report. Several states have passed laws prohibiting employers from pulling credit reports. To find out if your state is among them, visit the website of the National Conference of State Legislatures.
Financing a car: Your new job will require that you meet with clients regularly. You want to make a good first impression, and your 10-year-old Toyota won't cut it. If you don't have a good credit score, you may not be eligible for a loan or, even if you are, your rate will most likely be higher. Of course, when you buy a new car, you must buy insurance, as well. More than 90 percent of auto insurance companies use credit facts to decide terms.
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Cell phone service plans: You land your dream job and decide to treat yourself to the latest iPhone.
Right at the checkout counter, the salesperson will enter your application, which will include your Social Security number. You could be denied a service plan, be required to pay a large down payment or pay extra if you have bad credit.
Applying for a credit card: With the great salary you negotiated with your new employer, you realize that you can take better vacations. You see an offer for a credit card that has a mileage program. The credit card company will use your credit score to see if you qualify, and at what terms.