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Why Care About Credit?

Strong credit references can open a world of financial opportunity, whether it's renting an apartment or buying a home, meeting a criterion for a certain job, or financing your business. Following are just a few things a good credit history can influence, and why you should know your credit status.
  • Big purchases. Good credit can help you secure financing to buy furniture, a computer, a car, or a new home. Your credit history is part of what affects the lender's decision to give you a loan or line of credit, how much you can borrow, and what interest rate you will pay.

    If you have no credit or less than perfect credit, though, it doesn't mean you can't get a loan. Many lenders consider a nontraditional credit history, such as proof that you've paid your rent and utilities on time. For information about Wells Fargo's loan programs, learn more online or contact a loan specialist.

In addition, your credit history can influence:
  • The day-to-day. You may need good credit for such routine matters as having utilities connected to your home, or getting a cell phone.
  • Jobs. Employers often check the credit of prospective employees. A solid credit history reflects positively on your ability to manage your job responsibly.
  • Apartments. Renting an apartment may be easier. A good credit standing tells landlords that you are a person who's more likely to pay the rent on time.
  • Education. Credit can affect your ability to get a loan to help cover tuition.
  • Your business. Your personal credit can affect your ability to get a loan to start or grow a small business.
  • Insurance. Credit history is often a factor in determining your auto, homeowners, and renter's insurance rates.