So, if you are buying from an unknown company: Today, practically anyone can set up an website. A good score usually means you're responsible with money which is a big tick for any lender.Īlthough there are risks associated with online shopping, you can do it safely by following these tips for safe online shopping, and by sticking to some sensible rules and staying alert for warning signs. Good credit scores will help you save money on interest fees and will give you more opportunities to secure the lines of credit you need. If an employer sees that an applicant has a bad credit score, then he may be hesitant to hire them.Ĭredit score is important, because it follows you through life and will play a major role in important financial situations. Many jobs that deal with money require a responsible person to handle cash. They use your credit history to determine the responsibility of a person. A poor score can pave the way for increased premiums each year, and a good score can result in a discount.Įmployment Opportunities: A common, but a controversial practice that takes place today is an employer checking the credit score of potential new employees. Insurers create an “insurance score” which is mainly based on your credit score. Insurance Rates: For some insurers, credit score plays an important role in determining your premium for everything from insuring your vehicle to insuring your home. Your credit score can also affect insurance rates and employment opportunities. Generally, people think that a credit score matters only when applying for a loan or for a credit card. A lower credit score means a higher interest rate and this in turn will make the loan cost higher. Not only that, the credit score is the base to determine what kind of loan you qualify for, how much credit you qualify for and what your interest rates should be. The higher your credit score, usually it means a lower interest rate however it does not guarantee you'll get approved.Ĭredit scores are important, because they determine whether you qualify for getting a credit card, an education loan, a house or car loan, or a business loan. This will help them determine the type of loan you qualify for and the rate of interest you have to pay. It helps them infer the possibility of you paying back the debt, and this is based on your credit history. For instance, when you apply for credit, the lender will check your credit score.
As long as you compare different companies, know the potential risks, and do your research, the advantages can outweigh the disadvantages.Ĭredit scores are vital parts of the financial life of a person. Different payment options - depending on the catalogue you finance with, you can make payments weekly, monthly, or on other agreed upon intervals.įor those who do choose to shop on finance, there are many great benefits, the obvious being the ability to pay off purchases over time.Convenience - Shopping from the comfort of your own home saves you time, hassle and money.Shop for more goods - you can buy clothing, electronics, new phones, and other products on finance.Make payments over time - this allows you to buy items you otherwise couldn't afford, and make small payments each month.Like the cons, there are many advantages to shopping on finance online which include:
These are some of the many threats you have to be mindful of, if you choose to shop online and on finance. Like scams, other threats such as identity theft or having your credit card information stolen is a possibility. If you like having the latest and newest items, shopping on finance means you will have to fully pay off a purchase, prior to financing others. Although not with reputable catalogue companies, you do have to be mindful of scam artists. You must compare different catalogues and online merchants to find the best rate.
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Browsing the web on a laptop whilst lying in bed or sitting in front of the TV is very relaxing. The convenience of online shopping is a huge draw for many people. Not only does it allow you to finance the purchase over time, it also allows you to buy items you would never otherwise be able to afford. For UK customers, online catalogue shopping is a favoured method of making purchases.
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