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6 Credit Mistakes That Could Impact Your Career

by Mike Randall

We all know having bad credit can impact many different areas of our lives. A low enough credit score can even prevent you from being offered a job by some employers. But what if you have a great job already? Can credit mistakes impact your career?

You may be surprised to learn certain credit problems can cause your score to drop dramatically and can even threaten your career.

It is not just jobs in the financial sector that are interested in an employee’s credit history. Certain jobs in retail, technology, health care and some other fields require workers to have at least an above average credit score.

To best protect your valuable score, here are some credit mistakes you absolutely must avoid.

1. Filing for personal bankruptcy.

For most people, this is a last resort. Very few enter the bankruptcy court with strong credit.

2. Missing one or more mortgage payments.

For this reason, make your mortgage payment a priority each month. And if you have cosigned for a homebuyer, make sure they understand just how important it is to you both that they make their payment.

3. Financial judgments and liens.

If you see a potential for this to happen, get representation so you can avoid the worst damage.

4. Carrying too many credit cards and getting behind.

Even if you think you have things under control, more than two or three cards can be difficult to manage. Only carry the cards that are absolutely necessary or run the risk of missing payments and sending your credit score down the drain.

5. Using a credit card to get you out of a financial bind.

If you can’t make a payment without charging it, you are already in trouble. It is time to review your finances and seek help before it is too late.

6. Running your cards up to their limit.

The impact of this on your credit score can be worse than you think. For each card that you max out, your debt-to-credit ratio takes a hit. The credit bureaus watch this number carefully and will punish your score severely for it.

Even employees who are not in positions that directly handle money or financial accounts can be impacted by negative credit scores.

In this day and age, employers are more cautious than ever about protecting their businesses. If it appears you are irresponsible with your finances, you may be seen as irresponsible in business. Avoid bad credit and you will avoid this misconception.

Mike Randall is most knowledgeable in the areas of credit scores and credit cards, having written on those topics and others for the past eight years. He graduated from California State University with a degree in English literature, and he has an extensive background in personal finance studies. When he's not keeping BadCredit.org readers informed of changes in the subprime market, Mike’s hobbies include sailing and gourmet cooking.


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