You may say that having a low credit score has nothing to do with your driving abilities, but insurers don't see it that way. Insurance industry research has shown that those who manage money responsibly are more responsible with other parts of their lives, including driving and caring for a home.
If you need auto, renters’, or homeowners’ insurance, insurers will look at your credit score. And a low score may mean you'll pay higher premiums—up to $22,815 over your lifetime (with that you could buy a new car)!
Part of getting your own place is paying for utilities like energy and electricity—and utility companies want to make sure you’ll come through.
“They [utility companies] often check credit reports, and some won't extend credit without a large deposit if you have a negative history,” says Gerri Detweiler, a credit expert with Credit.com.
When you get a cellphone, the provider will check your credit report to see whether you've been paying your bills on time. If you have a spotty credit history, it may require you to put down a cash deposit—maybe as high as $500—before offering you an account. This allows the provider to cover itself should you get behind, but it leaves you shelling out more to use the phone upfront.
Final note: If you want to protect your property, keep the lights and heat on, and score a smartphone without a big financial hit, work toward a good score.