Credit Score - How Bad Credit Affects You
Credit Cards
If you have bad credit, the chance of receiving a prime credit card is almost impossible. "Sub-prime credit cards" may be available for you - however - they come with exorbitant setup fees. Some even charge a recurring monthly fee - have low credit lines - and worst of all - don't even report your positive credit history to any credit bureaus. Find out your credit score : free credit scoreAuto Financing
You could be paying an extra $4000-$8000 on your auto loan, just for having a poor credit score. The higher interest rate cause the payments to increase , really adding up.| *$20,000 car paid over 5 years: | |||
| CREDIT STATUS | RATE | PAYMENT | TOTAL COST |
| PERFECT | 10% | $424.94 | $0.00 |
| MILDLY DAMAGED | 14% | $465.37 | $4,722.54 |
| DAMAGED | 20% | $529.88 | $8,593.30 |
Home Mortgage
An auto loan can really jump in payment with bad credit - but that's nothing when compared with a 30 year mortgage. The cost of poor credit can be between $50,000 to $130,000 dollars extra over the length of the mortgage.Find out your credit score : free credit score
| *IMPACT ON HOME LOAN - VARYING CREDIT STATUS/ $100,000 home paid over 30 years: : | |||
| CREDIT STATUS | RATE | PAYMENT | TOTAL COST |
| PERFECT | 7% | $655 | $0.00 |
| MILDLY DAMAGED | 9% | $804 | $50,155 |
| DAMAGED | 12% | $1028 | $130,791 |
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