Feeling glum

iVillage Member
Registered: 02-13-2004
Feeling glum
2
Fri, 04-22-2005 - 3:02pm

I knew my credit was not the best, but last year, when my husband and I applied for a mortgage, I learned how low my credit score really was. Over the past year, I've managed to bring my credit score up to 650 -- not the best, but certainly a lot better than it was a year ago. Despite this improvement, I feel incredibly frustrated with my slow progress and am worried about the impact of this score. Will it hurt my chances of finding a job? Would I be able to get a car at this credit score level? How long will it take to get to a "respectable" score?

Worrying me even more is that because we've had to put everything in my husband's name (the house, the car, etc.), his outstanding credit level is high, and his credit score has taken a hit. His score has fallen about 75 points over the past year, and it's now not much better than mine. We'd been thinking about moving, but could we even get a house now?

Does anyone have any similar experiences, advise or words of support to share? Thank you for listening!

iVillage Member
Registered: 01-31-2005
In reply to: bellehoo
Fri, 04-22-2005 - 4:24pm

Currently your car insurance, buying/renting a home and getting a job can be trickier if you have less than perfect credit.

You can pay more in car insurance, in regards to your credit report, as the car insurance company can deem you a higher risk if your credit is less than perfect.

Your interest rate may be higher with less than perfect credit and a bankruptcy can reflect negatively in the job market but you would have to authorize a background check in order for any of the above to be accessed.

I can see a low credit score warranting a higher interest rate on a home loan but it should be against the law to deem a person a high risk driver or less of an employee if their credit score is lower.

Of course, the employer won't come out and say 'your credit score is low so you don't fit our employee requirements'.

iVillage Member
Registered: 09-22-1999
In reply to: bellehoo
Fri, 04-22-2005 - 6:19pm

My advice is to do everything you can to keep your bills paid on time and to try to pay down what you have....yeah, simplistic advice, I know, but I have been working on a project involving credit scores lately, and I am quite aware now that there are no quick fixes to a credit score or a bad credit report. Time and EFFORT heals the wounds on a credit report. Resolve to not let yourself get behind with that.

Employers are looking at credit reports to get a picture of your character. If they can see you are being consistent with debt payement, I think you should not have to worry.

Littlesbigs