Credit Scores And Social Security Disability Benefits

If you are receiving Social Security disability benefits, it is possible that this could impact your ability to purchase a home or car or rent an apartment. Below are a few of the guidelines to keep in mind when considering how your status as a disability beneficiary can impact your credit history. If you have any questions, a Tulsa Oklahoma Social Security disability attorney can provide furthers assistance.

Your Credit Score Trumps All Else

What a potential lender will always care most about is what your credit score and credit history are; this is true regardless of whether you are currently receiving Social Security disability benefits. If you have a strong credit history with a high score, you will be more likely to receive credit on favorable terms than in the opposite case. The fact that you receive disability benefits usually just comes into play when you are in the middle, and a creditor is determining whether to extend credit to you.

How Disability Benefits Impact Your Ability to Get Credit

On the plus side, disability benefits are guaranteed income from the federal government. Some lenders will look favorably on this. On the negative side, disability benefits are not a great deal of money. If the item that you are looking to finance takes up a large portion of your monthly SSDI or SSI benefits, you are not likely to receive credit, because creditors would fear that you are stretching yourself too thin financially.

Additionally, as we discussed on Monday, creditors cannot garnish your disability benefits in order to pay back debt. This makes some creditors more hesitant to lend money to people whose main source of income is disability benefits since it can be more difficult to collect on overdue debt.

Has being a disability beneficiary impacted your financial life with regards to credit?

Troutman & Troutman, P.C. –¬†Tulsa Social Security disability lawyers


    I didn't think there was a caring professional considerate attorney firm on the planet, but Troutman & Troutman proved me wrong. From the receptionist to the legal assistance to the attorney and more they were exceptional people.

    - Robert S.

    They did a fantastic job getting everything gathered up and getting the trial done as quickly as possible. Anytime I had a question they were patient and help me understand what was going on. Especially Christy and Charlie were great.

    - Michael M.

    Steve Troutman was able to get my short-term and long-term disability for me. Then Erin another lawyer for their firm got my Social security disability for me. Great people.

    - Billy S.

    Mr. Troutman walked me through the entire process. Heather was available each time I called, answered all my crazy questions, and helped me fill out forms along the way. I was never treated like I was wasting time.

    - Julia C.

    Erin and Keith were fabulous! They were compassionate, helpful, and very responsive! They made the process very smooth and painless every step of the way.

    - Valerie W.

We Are Here to Help 

Free & Confidential Consultations
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.