What Will Bad Credit Cost You?
Having a bad credit score will cost you a lot more than a higher interest rate for a few loans. It extends into many parts of your financial life.
So many people fail to understand how important their credit is until they try to buy a home or take out a loan. People with bad credit usually know that they will have to pay higher interest rates. But they often don’t realize how deeply they will really be affected.
Let me give you an example. If you have a credit score of 720, you can pretty much expect to get the best rate available. For our example, that is 6%. If you have a credit score that is good, but just not perfect — say 700 — you could expect to find an interest rate of 6.15%. Not a