Poor Credit Score? Kiss These 5 Things Goodbye

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Cassandra Hubbart, AOL

That Very Important Number

By Elizabeth Weiss McGolerick

Some people think "I love you" are the three most important words in the English language. Believe it or not, there are also three very crucial little digits as well -- your credit score. And depending on where your score falls, it can have an enormous impact on not only your life, but your family's opportunities as well. It's critical to understand that your credit score can affect everything from your employment prospects to your child's education.

According to Kurt Houghton, president of Safe Harbor Investment Advisors LLC, which specializes in conservative investments and retirement planning, there are five things you can kiss goodbye if you have a poor credit score.

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2. Adieu to Desirable Digs

Whatever type of housing you choose, whether it's purchasing a home or renting, your credit score can dictate where you will be hanging your hat. According to Houghton, in today's market, the APR on a 30-year home mortgage for someone with a poor credit score is almost double the APR for someone with a high credit score.

Even if you're planning to purchase property together as a couple and one of you has impeccable credit while the other has poor credit, you'll suffer in terms of interest rate. Houghton says, "If the spouse with great credit could qualify for the mortgage on his or her income alone, then that would be the way to go." If not, "I would look into the good-credit spouse trying to qualify for a no-income, no-document loan. It's harder to get after the mortgage meltdown, but it's worth asking."

Even if you're not purchasing a home, renters are not immune to the effects of poor credit by any means. "Most applications to rent give the landlord the right to look at your credit report," explains Houghton. "Good credit equals good tenants." Whether you're renting from a private landlord or searching for housing in an apartment complex, poor credit reflects on your potential to be perceived as a dependable and accountable renter.

FREE Credit Report and Score Instantly!

Checking your own credt won't
lower your Credit Score!

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Poor Credit Score? Kiss These 5 Things Goodbye

That Very Important Number

1. Sayonara to Any Business Boon

2. Adieu to Desirable Digs

3. Toodle-oo to Job Opportunities

4. A Swan Song for Insurance Benefits

5. Godspeed to Your Kids' Education

The Bottom Line

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