Your FICA credit score is one number that will follow you for the rest of your life. Derived from the major credit bureaus, the FICA credit score is used to determine whether or not you are financially trustworthy. If your score is low, you will have trouble doing the most basic things.
Getting a job is an example. If you apply for a position where you have to work with money or sensitive data, the employer will check your credit score. Applicants with low scores will be denied even if they possess other worthwhile credentials. The reason why is because many employers fear the applicant might try to steal from the company to pay their debts.
Apartment managers also care about your FICA credit score. This is especially the case for large complexes, where it is virtually impossible to rent with bad credit. The only exception is if you try to rent from a private landlord. In this situation, he or she might give you a chance if you can cover several months of rent in advance. For you, this would mean having to pay thousands of dollars upfront. With a good FICA credit score, you would only have to pay the security deposit.
Finally, you need a good FICA credit score if you plan to get any type of loan. If you want to buy a car, a house or even go to school, good credit matters. You will also need good credit if you want to get a business loan. Otherwise, you will have to pay for all of these things out-of-pocket. This is nearly impossible for a person on an average budget.
In conclusion, do not take your FICA credit score lightly. Always pay your bills on time while making sure that you do not take more debt than you can handle. Do this long enough and you will never have to forego the things you need or desire.
