If you have bad credit, but never plan on getting a loan, does the bad credit matter?

Question

My credit took a dive when i was unemployed after college, missed three months of payments and it never recovered. was getting stressed, but realized i'll probably never apply for a loan anyway, so does it really matter? and yes, this includes car and mortage

It seems crazy to think that three late payments dropped my score 130 points and won't be removed for seven years. It's also nuts to think that an employer would use this to determine my capabilities, banking/financial field is one thing but anything else is silly. I do pay my bills on time, but still my credit has gotten no better. I was thinking about trying those cooky credit fix solutions but it just seems crazy that my worth would determined by be three numbers. Thank you all for your answers, by the way- i didn't know some of this info

Answer 1

Having bad credit proves top people that you are NOT responsible. Not to worry go to consumer credit counseling and they will consolidate all you bills into one affordable payment and get you credit repaired and on the Right track. You need to clear up your credit, it will make your life easier and most creditors will GARNISH your wages to pay the bills and that looks terrible to an employer. Get the help before it is too late. In the future if you get behind on bills call the creditors and get a deferment on student loans and work out arrangements to keep your credit in good standing. Best Wishes!

Answer 2

It can also affect insurance rates, your ability to get a cell phone, your ability to secure an apartment and any host of things that requires back-end payment. Those three months will be erased from your credit after 7 years. In the meantime, establish bank accounts and pay everything on yime.

Answer 3

Bad credit can also affect interest rates for credit cards, and some employers check your credit rating as well. I guess if you're never going to want a credit card, or to buy/rent a house/apartment or a car, or to get certain higher paying jobs, then your credit rating probably doesn't matter.

Answer 4

There are three points to consider regarding credit-debts.

1. Your credit score is primarily an "I love debt" score. If you avoid debt, then you don't need to be overly concerned with your credit score/report.

2. Some employers, insurers, rental agencies, utility companies will want to look at your credit report/score to help determine if you are a person of "good character" who keeps your promises and pays your bills on time or if you are irresponsible and untrustworthy.

3. As a matter of integrity, self-respect, and honor, it is always better to pay your debts no matter how old they are.

Answer 5

Life changes and what you see as a certainty today isn't going to be true next year. There may also be JOB situations where an employer refuses to hire you due to a bad credit past.

Answer 6

if you have bad credit if doesn't matter if u r not willing to apply for a loan,mortgage,car,furniture,anything new credit cards, anything which is related with paying after word, plus it does effect if u apply for a service which u have to pay monthly with contract or without contract, IE hydro under Ur name cell phone cable Internet etc... odds are they will require a deposit,
i hope it will give u a detailed infor about a bad credit.

Answer 7

Bad credit follows you around like a lazy uncle looking for a loan. It never seems to go away and it pops up and stings you when you least expect it.

Answer 8

Many employers routinely run a credit check on applicants, and will not hire someone with bad credit.
Same is true for landlords, who will not rent to someone with bad credit.

Answer 9

Employers and insurance companies look at your credit.

Answer 10

Even if you never need a loan, it can affect employment applications, insurance, apartment/house leases, business leases, etc. You may think you'll never need it, but circumstances change.