You May Not Qualify For Affordable Housing With A Poor Credit History
Last month I attended a workshop given by Habitat for Humanity on credit. I thought it was very informing, so I thought I'd share some information with you. Hopefully, you'll find it useful.
Many families have high debt and low income, which makes it very difficult to access affordable housing, especially in NYC. Credit card, medical bills, and student loans are the most common types of debt and the rates have been rising year after year. According to a study done by the "Plastic Safety Net," from 1990 through 2005, the U.S. family credit card debt has increased from $200 billion to $800 billion. Now that's a lot of debt.
How does debt personally affect you? It determines how much you pay for car insurance, what job you can take, and even what cell phone plan you're eligible for. It especially affects your affordable housing search because of the credit check that takes place when you apply for an apartment. If you have debt, it negatively affects your credit report and credit score.
Therefore, it's important that you educate yourself on your credit report and credit score before you go searching for an apartment.
How can you get your credit report?
The only FREE way to get your credit report is to request one from:
http://www.annualcreditreport.com/
or call
877-322-8228
Don't be fooled by commercials with catchy jingles. You end up paying them money for unneccessary services.
How can you get your credit score?
To get your credit score, you an order one at:
http://www.myfico.com/
These are not free. They cost around $16.
If you want a free credit score, you can attend a Credit Where Credit is Due Workshop and they'll print out your credit score and credit report for you. You can reach Credit Where Credit is Due at http://www.cwcid.com/ or call 212-927-5771 to see when and where a workshop will be held.
Looking for tips on how to improve your credit score and receive credit counseling? Stay tuned for my next post!
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