Impact of Bad Credit<
>If you think that having a damaged or bad credit rating is not a real big problem you should think again. The difference in intrest rates for a debt with good credit and bad credit is often more then 10%. If you have a loan of $30,000 that will mean that you will pay about $12,000 more then when you have a perfect credit rating.
If you apply for a prime creditcard you will be most likely turned down if you do not have perfect creditrating and if you do get a creditcard with bad credit you most likely don’t build a credithistory as the company that iseus the creditcard doesn’t report your good credit activity to the creditbureaus.
If you consider the impact on having bad credit when you own a house and have a mortgage you are going to amazed…if you borrow $300,000 and you pay 12% mortgagerate instead of 7% you have paid after 30 years about $390,000 more then you should have. I do not know about you but $300,000 + is a lot of money and all you have to do is get your credit rating better and you will save a lot of money. It’s no joke and neither should you think light about your creditrating.