We live in a society where those with good credit scores are at an advantage. They pay lower interest rates and lower security deposits, and in some cases, they even have access to the best jobs.
So how can someone who finds themselves with bad credit still manage to live well?
1. Finding the best jobs.
First, understand not all employers will run a credit check for all positions. You’ll usually be told if this is a necessity before you even have an interview.
If, however, you’re hoping to find a job in an industry where you know credit checks are typically mandatory, consider working with a recruiter. They’ll generally have an established relationship with the human resources department at a number of different companies.
If your recruiter reviews your resume and sees you’re the perfect candidate for a position they know is available, they’ll be able to talk to the person who’s responsible for making the hiring decisions before you even sit down for an interview.
“Recruiters will talk to the person making
hiring decisions before you interview.”
2. Renting an apartment or home.
When you need to rent a place to live, your credit will be reviewed.
Rentals that are managed by a company, as opposed to the actual owner of the property, are far less likely to be understanding of bad credit. Because of this, it makes sense to only look for a rental where you can actually speak to the owner of the property.
When you find one, be upfront and honest about your situation — bring it up before your potential landlord even runs your credit report. Explain exactly what happened to cause your bad credit and what steps you’re taking to fix the situation.
This can go a long way in showing a landlord you are a responsible tenant, which is exactly what they’re looking for.
3. Buying a home or getting another loan.
It’s going to be incredibly difficult to get a loan of any sort unless you have at least marginal credit. You’re going to have to work to rebuild your credit, unless you’re willing to pay higher-than-average interest rates.
If you are, look at secured credit cards, secured loans and even subprime mortgage lenders to explore the options that are available.
Photo source: thisisyourconscience.com.