Personal Credit — REC LLC (2024)

Everyone gets approved for cars loans...right? ▼

Car loans are typically the easiest to get approved for as long as you can put down more collateral. However, if you have bad credit, your interest rates can go as high as 25% depending on what state you're in.

Can you still get a phone contract? ▼

There are two elements to this. The cell phone company is leasing you equipment so they have to check if you are reliable. Second, the cell phone company is giving you a month of services up front so they have to check how reliable you are. If you have bad credit you're about as reliable as the bus driver that flies past you while you're waiting for the bus.

Do employers check your credit score? ▼

Jobs in upper management or in the Finance industry that require you to have control over finances of a firm or clients will check your credit. They're not necessarily looking at your credit score but they are looking at if there are any factors on your credit report that will make you a risk to the firm, there will be a high chance that you are denied for employment. Having bad credit not only makes you unreliable, it also makes you unemployable.

Do insurance companies consider your credit? ▼

Whether it's right or not, insurance companies justify giving you a higher rate because of your poor credit because you have a higher chance of filing a claim. AKA they think you're more likely to be a fraud.

Can this have an impact on your business? ▼

You need money to make money! Having bad credit means that your chances of getting approved for a business loan decrease significantly. Alternatively you'll qualify for bad credit business loans that will be issued with 50-200% interest rates! Sheesh. It's basically highway robbery minus the highway.

Do you owe a collections agency? ▼

Sometimes having bad credit means that you owe past due bills. Getting consistent annoying calls from Debt Collection agencies can quickly become a nuisance. The good news? You don't owe them. But you still need to use credit repair to get them off your credit report.

How will a lower credit score affect your interest rates? ▼

Your credit score is a measure of how reliable you are. The lower your credit score the higher the risk you will default on your obligations. Every lender has a threshold of how low a credit score they will accept; one thing that is certain is that a lower score will always mean a higher interest rate than if you had a high credit score.

What causes you to get denied for credit altogether? ▼

If your credit score drops too low, you will be denied for credit over and over. If you've been previously denied for credit then you know the exact reasons why you are being denied because that creditor is legally required to send you a letter stating why. Work on them because better credit means a better quality of life.

Are you having difficulty getting approved for an apartment? ▼

Not everyone knows this, but landlords can and usually will check your credit in order for you to get approved to an apartment. If you've been having difficulty getting approved, let us help you get approved.

What happenes if you're trying to get approved for a mortgage? ▼

Many mortgage brokers will require you to reach certain score before approving you. If you don't meet their requirements they will in turn require a higher down payment to ensure you are reliable.

Credit shouldn't matter with utility companies right? ▼

If a utility company determines that your credit is very poor, they may require you to put down a deposit before you can set up an account.

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