It is a common misconception that if you do not have any plan to get a big loan in the next few years, you probably need not be concerned about your credit scores.This is not actually the case.Regardless of whether you have any plan to get a big loan or not,it is advisable that you must keep your credit record free of inaccuracies.You might know that your loans will be affected by your credit score. The higher the score the lower the rate you will get on mortgages, car loans and credit cards. What if you do not have any plan to get a mortgage or car loan? In this case, does your score matter? Yes, it does matter.

Four unusual situations where the bad credit or an inaccurate report is likely to harm you are discussed in detail below:

Prospective Employers:

Employers,while making decisions about your hiring,firing and promotion, may make inquiries into your credit report.If you have bad credit score then it is most likely to leave a bad impression on your employer and may affect your career.

Federal law gives you protection against the adverse decisions that the employer may make against you. You will be immune to such adverse decisions only if you file bankruptcy (Title 11, Bankruptcy, of the U.S. Code), otherwise every other negative item may be used against you. If you are a loan defaulter or you have missed a payment of your loan then this puts you in a vulnerable position. In this case the employer can use that information against you. It is known that government runs routine background checks on your personal records like criminal history and credit history. If you have a low credit score then this may weaken your position. Such a person could be considered a potential security risk because, due to his financial constraints, he is more likely to be bribed or may easily be exploited. Credit history information may help establish the credibility of a person.

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A few days ago my wallet was feeling a little too bulky. It was not because it was stuffed with cash. It was filled with plastic; credit cards as we call it. So I thought it was a good idea to cancel a few of them that I hadn’t been using for a while. I would like to share with you how I canceled one of my credit cards.

How to cancel your credit card

Although I have experience of Applying for credit cards but this was my first experience of canceling one. Apply is easy, canceling a card is harder. Have you ever tried to cancel your credit card?. Or close a bank account. Or Tried to terminate your Internet Service?.

Most of these companies try to make it very hard for you to quit. They put you through lots of exit interviews and throw you to their “customer retention specialists”. These hogs keep on making calls to you and ask you teasing questions the list of which might be endless. They even try to talk you out of your decision. Thy use anything to achieve their target.

They question your sanity, try to bring in moral questions that you feel guilty about canceling that credit card or whatever service you are trying to quit.

This morning I had a similar experience. I have an Citibank Visa card that I am trying to cancel. I have no balance on this account, so if thought that is a good idea to call them and tell them that I no longer need their service and that would be it. but that was only what “I” thought.. I was nothing like it. Read the full story