Want that Job? Check your credit score.

Apr 04, 2018

Have you been struggling to land your dream job? Maybe it’s not your qualifications that are keeping you back but your credit. Yes, we said credit. Lenders are not the only people who can access your credit history. Employers, landlords, and even cell phone companies can review your credit history. Before sending in that next job application, stop, drop, and check the score. Your credit score that is.

WHAT AFFECTS YOUR CREDIT SCORE?

The scary thing about credit is that it does not take long for your score to decline. Even a $5.00 balance on a credit card that has not been paid can be marked as a loss by the lender, indicating to the credit bureaus you did not pay that debt. Common credit score killers are:

  • Late cell phone payments
  • Missed credit card payments
  • Too many open credit accounts
  • Loan balances that are over 35 percent of the total limit for an extended period of time
  • Who uses your credit score?

  • Landlords
    How much of a deposit they may require from you.
  • Cell phone companies
    Which payment plan you may be eligible for and whether any security deposit is required.
  • Utility companies.
    Whether or not to require a security deposit and, if so, how much of a deposit to require
  • Home & auto insurance companies
    whether they should insure you and at what rate they should give you insurance.
  • Potential Lenders
    When you apply for a new credit card, loan, mortgage, etc.
  • Employers in the government or financial sectors may look at your credit history to determine how well you manage your own money. If you have had a previous lien on a vehicle and require your car to conduct your job, employers may also pass you over.

    How do you find out your score?

    Far too many people experience difficulties and sometimes embarrassment because of having bad credit and this could be avoided through proper monitoring of your credit report. You can order a free copy of your credit report from either one of Canada’s two credit rating agencies, Equifax and TransUnion. Keep in mind that each agency may have different information about you in their files so check your credit report from both agencies at least once a year for possible errors and get them corrected as soon as possible. Consider requesting your report from one agency and then waiting six months before you order from the other agency. By spacing out your requests in this way, you may be able to detect any problems sooner.

    What does your credit score mean?

    The good news is that regardless of your credit score, you can always integrate new spending and debt management habits into your routine to reduce the amount of credit that you owe. Our number one tip is to not miss or skip bill payments. Credit cards, utilities, cell phones—make sure you are paying these bills on time, even if it’s just the minimum payment. These positive actions on your credit will start to have a positive effect within one to three months. Before you know it, you’ll be in the top credit scores and on your way to living your best life.

    Pamela Coquet
    Financial Strategist at Savanti Wealth

    Want some more information? Send us an email or give us a call and we can help you at info@savanti.ca or (403)968-8443



    Savanti is your no-nonsense, get it done, always got your back, tell it to you straight, make you laugh, and there if you need to cry - financial partner.

    Share on

    Suggested Reads