Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates. Like I said: I have a very crappy credit score, and it's had no impact on my life (including the times I've tried to buy private health insurance, which was a nightmare for reasons having nothing to do with credit and everything to do with the fact that the ACA hadn't passed yet). Other than, yknow, to keep me out of the market for credit. A good thing.
Either way: the author is worried that someone's going to come for their house because of their startup debts. I don't think it's productive to mine for reasons to be anxious. Bad credit score? Join the club; there are millions and millions of us: we're called "Americans". Nobody is taking the house.
Protip: many landlords in hot property markets like Vancouver are speculators who are using your rent to pay their mortgage. Offer to pay a year's worth of rent up front in return for a discount (I'd ask for 3% - more than you can get from a risk-free investment but less than the landlord's mortgage interest rate).
Obviously this only applies if you have sufficient liquidity that paying $30,000+ upfront isn't going to impact your life in other ways.
Alas, the BC Residential Tenancy Act makes it illegal to have a deposit larger than one month's rent. Not that anyone is going to stop you -- but if you pay 12 months of rent in advance, you can legally demand the next day to have 11 of those months of rent returned to you. Unfortunately the law is very clear that you can't sign away your right to only pay one month of deposit -- even if you want to.
> Health insurance companies can no longer deny coverage based on credit scores, although apparently credit scores can impact your rates
I don't believe that's the case anymore since they have to provide coverage. Smoking is the only thing I remember that affects your ACA compliant rates. It makes sense otherwise you would be forced to purchase a product that could be much more expensive for the simple act of not having credit history (something that's not so unusual, especially for younger people).
An insurer can also charge up to 3x rates based on age under the ACA. Prior to the ACA limiting the differential the market spread was about 5x from young to old in terms of age.
Smokers only have to pay 50% more so being old will effect your rates more than smoking will under the ACA.
"which was a nightmare for reasons having nothing to do with credit"
So that's why I bring this up, I remember you claiming in another thread discussing the ACA that you were perplexed why you couldn't get private health insurance and seemed to think it was some arbitrary conspiracy yet you seem to disregard any number of reasons upon which a rational insurance company might do such a thing. Just pointing out your logic may be flawed.
Either way: the author is worried that someone's going to come for their house because of their startup debts. I don't think it's productive to mine for reasons to be anxious. Bad credit score? Join the club; there are millions and millions of us: we're called "Americans". Nobody is taking the house.