HOW HAVING A DAMAGED CREDIT HISTORY IMPACTS YOUR LIFE
Having poor credit will result in you paying higher interest rates
for credit cards and mortgages. Featured below are more examples
of how having a low
FICO score affects payment costs and your
ability to obtain credit approval. Learn more about
what is a
FICO score and
scores are computed.
It has become common practice for auto insurance companies to
base premiums on your credit scores. In addition,
many companies will continue to check your credit every year of
policy renewal! Those with bad credit can expect to pay anywhere
between 20-30 percent more for their coverage than consumers
with good credit.
People with poor credit are going to pay higher loan interest
when looking to achieve unsecured financing. On average, people with bad credit are
going to pay between 17-26% for a personal loan, while those with
good credit will enjoy rates from 5-8%. This can be a difference
of several hundred dollars/month!
Understanding personal loan interest rates is important!
Over 70% of major companies will check your credit profile when
determining whether or not to grant you employment. In fact,
having excessive debt upon graduation can have more of an impact
of your chances of obtaining a job than the honors you received
while in school.
The concern hiring companies have is that your credit issues are
going to affect your production at work. Also, having bad credit
is looked at as a sign of irresponsibility, which can obviously
translate into the same at work.
It is very common for rental property owners to reject potential tenant applications with
Believe it or not, utility companies care about your credit
score! If you have bad credit you can expect to have to pay a
hefty deposit when opening your account and/or you may be
required to have a co-signer.
If you have good credit, you are likely going to get a
better plan, with better prices, than someone with poor credit.
With bad credit, you may be denied for a regular contract and be required to
utilize a pay-as-you-go agreement.
Elective medical procedures
If you are thinking about getting an elective medical
procedure, be prepared to have your credit checked. Doctors want
to determine beforehand if you are eligible for their payment
plan. If you exhibit a bad credit history, you are likely going
to have to remit payment in full at the conclusion of the surgery.
School financing is black and white. You either qualify, or
you don't. Bad credit does not mean higher interest rates. It
means you are not going to get approved.
Many consumers are under the impression that if you have poor
credit, and marry someone with good credit, that the bad credit
gets wiped out. Not true! Your bad credit does not disappear. In
fact, if your spouse is the primary name on your mortgage, and
they die, you will need to qualify for credit in order to take
over the home loan.
Having poor credit effects you more ways than one.
However, there are things you can do to
improve your score and rating quickly and hassle free.
We also suggest you
get a copy of your credit report once a year so that you are
certain the information being reported is accurate. If it is
not, you will need to take steps to
correcting your credit report.
to Read Credit Reports
Making Sure Your Credit Report is Accurate
What are the Hardest Credit Items to Fix?
Importance of Credit After Bankruptcy
Things That Hurt Your Credit Score
Credit Report Secrets
Long Do Negative Marks Stay On My Credit Report?
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