Letters to the Editor
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FICO does matter
for more than simply getting more credit. It can affect everything from your job prospects - employers frequently run credit checks on job applicants - to how much you pay for other things, such as car insurance. Or whether you have to pay a hefty security deposit for basic utilities such as a telephone or electricity.
Unfortunately, more and more, it seems as though our credit scores are used to determine our worth as human beings. And I'm not saying this is a positive development, or that the system shouldn't change, because I think it's ridiculous.
But when people tell you to just blow off your creditors and live with crappy credit for seven years, be aware that it may cost you even more in the long run.