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Orange County Credit Union provides a broad range of banking products and services like checking, savings, loans, and investments for every season of life. Through our blog, our aim is to equip readers with helpful advice that will enable them to reach financial goals.

Why Your Credit is Important Beyond Loans

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Welcome to the Orange County's Credit Union blog - Simple Banking.  It’s been said, that people who bank at credit unions feel financially empowered. Whether it’s one-on-one conversations or free financial educational workshops, at the Credit Union, we’re with you all the way.

We put people first. We’re here to listen. To answer your questions. To provide you with the information you need and to help you make informed decisions. We won’t try to sell you something you don’t need. 

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Anyone who lives or works in Orange County, Riverside County & the neighboring communities of Long Beach, Lakewood, Cerritos, or Signal Hill, CA can bank with us. Membership is $5. Federally insured by NCUA

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Why Your Credit is Important Beyond Loans

Sandra Diaz

Credit scores are important and they go beyond just securing a loan. Your credit has the potential to affect where you live, work, and even how much you pay for goods and services. Here’s why your credit is important outside of getting a loan.

Renting a Home or Apartment. Many landlords require a credit check before you can rent, and some simply won’t rent to tenants with a bad score or report. They want to ensure their tenants will be able to pay the rent, and a credit check can give them a brief glimpse into the potential tenants’ financial credibility. Having good credit might mean a lower deposit and could even waive the requirement of a cosigner.

Applying for a Job. Although it’s becoming a newer practice, many employers are now requesting a credit check as a condition of employment. This is seen across a variety of industries as well as many municipal and government jobs. Employers look at a potential employee’s credit as a means to gauge character and responsibility.

Setting up a Mobile Phone Plan. Mobile phone providers want to make sure their customers will be able to pay their bill. One way to help determine your likelihood of making payment is to look at your credit report. If you have poor/bad credit, you may be required to pay an additional deposit or higher fees.

Getting a Credit Card. As you might suspect, your credit report and score have a definite impact on getting a credit card and your interest rate. If you have a lower or non-existent score, you could encounter higher interest rates, denial of application, lower credit limits, or even having to put down a deposit to obtain a secured credit card in advance.

Having good credit can be incredibly important since its reach extends beyond just loans you may get over your lifetime. You should be checking your credit report annually. You’re entitled, by law, to a free credit report every 12 months from each credit bureau. Visit annualcreditreport.com for your reports.

For more information about credit scores, visit www.shrinkmydebt.org. You’ll find information about understanding, fixing, and improving credit scores.