Fresno, CA -- (SBWIRE) -- 11/12/2014 -- But higher expenses aren’t the only way a bad credit score can cost us. Renting can be more difficult, as landlords commonly pull a potential tenant’s credit score as part of the rental application process; many will dismiss renters with low credit scores without a second look. Finding the right credit card could also be a struggle, as there are fewer options for those with poor credit.

Related: 5 Easy Ways to Ruin a Perfect Credit Score

Here are three other lesser known ways that poor credit makes life more difficult – plus five tips to dig our way out of that:

1. Setting up utilities is more complicated.
For those with good credit, setting up utilities usually requires a simple phone call or two – but people with poor credit have to take extra steps. If our score is really awful, we may need to put down a deposit with each utility company to get our services started.

For people who can’t or don’t want to put down the deposit, an option is to find a friend or family member who will guarantee to pay our bill in the event we don’t.

2. Getting a new job or promotion is more difficult.
Potential employers can’t view our actual credit score, but they can request an employment credit report, which omits our account numbers and personal information yet includes our payment history and loan information. In today’s employment market, a poor report could be the reason we’re rejected for a job or a promotion.

Related: Credit Score Change Could Set Up Consumers to Fail

3. Starting a new relationship can be – complicated.
Not even our romantic life is safe from a bad credit score. Savvy consumers who are financially responsible know the potential impact of a partner’s bad credit on their own finances. According to a 2014 NerdWallet analysis, 53 percent of single adults over age 25 say they are “somewhat less likely” or “much less likely” to go out with someone with bad credit.

Though bad credit can be a heartbreaker in more ways than one – we can fix it. Here are five ways to raise our credit score:

1. Pay our bills on time – no exceptions, no excuses. This is far and away the most important thing to build and maintain good credit.

2. Avoid using more than 30 percent of the available credit on our cards during the month, say many experts. Monitor our balance carefully throughout our billing cycle and make a payment if we start to get too close to that threshold.

3. Start using credit as soon as we can. The easiest way to do this is to get a credit card and use it responsibly and consistently.

4. Only apply for credit we actually need – too many hard inquiries in the span of just a few months will ding our score.

5. Use AnnualCreditReport.com to obtain a copy of our three credit reports once per year. Review them, carefully, for accuracy; if we spot an error, start the process of having it corrected as soon as we can.

Summary:

Understand the value proposition of one's business.

Have these five documents ready: business plan, cash flow projections, personal financial information, business financial information and a personal guaranty.

Explore the resources available from the SBA.

Look locally when shopping for a lender.

About Medical Office Loans
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