Tag Archives: Cost

Pre-Employment Credit Checks Can Cost You a Job

Did you know when a company is considering hiring you, they will likely make a decision based on your credit record? Make sure you know your legal rights rights as to your credit record, when you’re interviewing for a job.

Pre-employment credit checks make sense if the job involves handling cash or company secrets. But in many cases it’s just companies snooping because they can. More than half of all employers conduct credit checks on job applicants, supposedly checking your character, judgment and reliability.

But the reality is that anybody can have legitimate credit trouble because of a medical emergency, the death of a spouse or a bad divorce. None of these situations should rule you out from getting a job.

Employers are known to use credit checks to discriminate. Some employers actually seek out people with bad credit, hoping their new hires will be so desperate that they will keep working no matter how bad the job is.

If an employer runs your credit history without your written permission, they’ve broken the law, under the Fair Credit Reporting Act. Ten states have outlawed the use of credit histories in employment decisions. Check with a local attorney at Lawyers.com to find out the law in your state.

Four kinds of information will be viewed negatively in the hiring process:

A court judgment against you
Active accounts in debt collection
Bankruptcy
High debt compared to your income.

If it’s possible, clean up the black marks in your credit record. Otherwise, you can tell human resources in advance that you’ve been through a bad time financially. It shows you’re being honest.

The employer has to tell you in writing if they deny you a job because of a free credit score government report and they have to tell you the agency that issued the report. If you think it’s a smokescreen to discriminate against you, you should talk to an employment lawyer who represents workers.

How to get low cost auto insurance Connecticut?

Who doesn’t want to save money in such high period of inflation? Of course everyone does. But, when it comes to the safety of our self and the security of our assets we must not look for the only cheap options. Do not go for saving the money over the quality. But, don’t worry you can secure your assets at low prices as well. Let’s tell you little about the low cost auto insurance Connecticut. By raising your deductibles you can decrease the Connecticut auto insurance rates. Connecticut auto insurance permits you to lower these rates as the deductibles will help you to save your money.

If the comprehensive and collision deductibles increase then you will have a chance to save a remarkable amount of money. Without going for any cheap auto insurance Connecticut you can save money at reduced rates. As cheap auto insurance in Connecticut might lead you to save some money but the risks of seeing your vehicle unsecured remain high. We cannot compromise on the quality of security that our vehicles must have. Low cost auto insurance provides you both, the money saving option and the best services also. But, all you need to do is search for the best auto insurance in Connecticut that provides the fair rates of Connecticut auto insurance.

You can also avail the discounts offered through Connecticut auto insurance quotes. These quotes however, keep varying but they may lead you to avail some of the discounts. For Connecticut auto insurance specifically you need to go through the rules and the regulations that the company offers. Combine your insurance lines with other coverage so that you can avail the maximum benefits.

Search for the every possible method in your Connecticut auto insurance policy that can lead you to save money. The combination of your policy with other insurance line might cause you a big profit. So keep an eye on every upcoming policy of your Connecticut auto insurance company so that you do not miss any of the best offers.

In order to search for the best auto insurance in Connecticut you might come to the quite high rates of the insurance policy but there are some methods that can help you lowering your insurance rates. So try to choose the most reliable Connecticut auto insurance rather than going for the cheap auto insurance in Connecticut. However, the low cost auto insurance Connecticut might help you in saving a little amount of money.

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The Cost of Poor Credit

Millions of Americans have credit reports that reflect a less than ideal credit history. If you fall into this category, you’ll soon find that the cost of poor credit can penetrate deeply into your life. You may not be able to qualify for a small personal loan, secured credit card or computer loan. And it doesn’t end there. Lenders, employers, landlords, insurance companies, and other organizations often look at your credit report in order to evaluate your financial status.

Your credit worthiness is reflected by how well you manage debt and how often you make on-time payments. Every time you apply for credit to purchase high-value items such as a house or car, your credit history gets thoroughly reviewed. Most financial institutions consider your credit scores as a benchmark to determine credit worthiness. They take this figure seriously, and it is often the most significant factor in their decision-making process.

If you have a poor credit history or a low credit rating, a business may deny you the credit you request. Bad credit scores can take away your chances of getting approved for a mortgage, car loan, personal loan, or even a credit card. If you are able to get a loan, you may have to accept unfavorable terms and conditions. Some credit card companies might issue you a card, but only grant you a small spending limit.

When lenders take on customers with lower credit ratings, they often charge higher interest rates. This is done in order to compensate for the higher risk a borrower holds on account of failing to pay monthly installments, late payments, or defaulting entirely. Additionally, lower credit scores may result in a tight payment schedule.

The lending industry charges different rates, based on the health of your credit score. From credit cards to mortgage loans, people with poor credit end up paying much more over time than those with outstanding credit. Let’s consider a few examples of the cost of bad credit with respect to various products.

Mortgage Loans

A mortgage often involves a large amount of money, so even a 0.5 percent interest rate variation can become significant. You could end up paying around $ 5,000 more on a 15-year mortgage, for instance.

Auto Loans

The rate you’ll receive on a car loan can vary greatly, depending on your credit rating. Say two people apply for a loan of $ 18,000 to purchase identical cars from the same dealer, and plan to repay the loan in 3 years. The only difference is their credit rating: Person X has excellent credit, while Person Y has bad credit. Person Y will attract a higher interest rate. The monthly installment and total payout for Person X might be $ 532.07 and $ 19,154.52, respectively. However, Person Y’s monthly installment and total payout could come out to be $ 677.69 (145.62 more than Person X) and $ 24,396.84, respectively. So the person with bad credit will pay approximately $ 5,242 more for the very same car.

Even if your credit is not terribly low and you qualify for a loan of 13 percent, you would pay approximately $ 2,679 more for the same car purchase by Person X.

Credit Cards

When customers with excellent credit ratings apply online for a credit card, they are usually approved for the card within minutes. They might receive an attractive interest rate, such as 9 percent, and have no annual fee.

Those with poor credit, however, will face more difficulties in the process. It may be hard to get their application approved of, and even then a high interest rate might be attached. Receiving a rate between 19 and 24 percent is common. An annual fee ranging from $ 200 to $ 450 may also be included. The magnitude of the extra cost would depend on the monthly balance carried. Overall, however, the person with bad credit will often end up paying at least twice as much as the person with good credit.

The above examples are just a few of the many ways that bad credit can cost you. In reality, the cost difference between good and poor credit can be even greater. More so, the cost of repairing bad credit also tends to be expensive. Think about it: can you really afford to keep your eyes off of your credit score?

Click Here to Find Bad Credit Credit Card Offers.

Stephanie Andrews is a contributing editor of the website http://www.CreditCardCity.com – a credit card directory where you can apply for a new credit card with secure online applications. Visit now to compare all of the best online credit card offers.

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