Credit is something that not only affects you, it can affect everybody around you on a personal and professional level. Many people believe that having a bad credit score should not affect their credibility or reliability in their circle of friends or colleagues. Well, it does and can be a tremendous part of why none of your friends want to rely on you for big decisions that are more than just commonsense.
Bad credit comes down to a couple of core principles really: self-control and level of responsibility. Having bad credit may not make you irresponsible, but the decisions made to get there are what could give people the idea that you have a hard time controlling your money, and your own life. Can you control your own life if you are less capable of controlling your finances and money? Probably not.
Your financial state really does affect everything you do on a daily basis. Being in debt and not having money means one is less likely to go out as often and spend money. When friends see that you're never able to go out and spend money because of debt, chances are they will stop sending invites to you.
The Impact Of Good Decisions
On the other hand, if you have a grasp on your finances and are making wise decisions, you are more likely too go out and treat yourself. It's satisfying knowing that if you really wanted, you could go out and buy the newest smartphone and have your credit approved. There are some really inspiring credit repair stories out there that you can watch on Youtube and other websites to see real testimonials. The reason is that when your credit is bad, it can seem near impossible to turn things around.
And, professionally, yikes. The day you get denied a job because of your poor credit may be a day you stay inside and overdose on some ice cream. It's rough. Especially in non-profit companies, they do not necessarily have the financial backing corporations do to support any mistakes you may or may not make. Non-profit businesses tend to be a little smaller and more tight knit–if they run your credit and see a long list of no-no's, they are going to be hesitant to hire you. Most likely they will be thinking, “If he can't control his own wallet, can he really control ours?”
The answer may be no; perhaps it's a yes. Just because you made poor decisions personally does not always mean professionally you will do the same, but are employers really seeing that? Sadly, no.
Take the steps you need to take to repair your credit; it's going to feel like moving mountains. The light at the end of the tunnel may be about as small as the tip of a sewing needle. But it's there, I promise.
Need advice? Do your research. Have a friend you feel is making wise financial decisions? Trust in them and ask them for advice. They can probably help you out. Do not be embarrassed by this– honestly most people in this country struggle with debt of some sort. Shoot, our country is in debt by trillions of dollars. Maybe when you figure this all out, you can give the CFO of America some tips.