Did you know having bad credit gives you lot of headache, if you do not have a stellar credit score this leaves you paying high interest scores on mortgages, credit cards and some lines of credit.
People who have poor credit scores find themselves paying higher interest rates on mortgages and car loans and this may not be impressive when you are trying to acquire a ride, you can get help from CreditReps for example.
A bad credit score affects the possibility of acquiring a loan, the lower the credit score the higher the chances you find a lender, lenders are apprehensive to give loans to people who fall under quality level.
Let’s say you do manage to get a loan, the rate at which your loan will be taxed is high and the loan is put under restrictive terms such that is no longer impressive.
Bad credit carries along with it some consequences like trouble getting a job or security clearance, most employers before hiring nowadays especially in monetary field will check your credit history.
There is never stopping with the consequences once you are in the bad books of the lender, the debt collector will call you any time of the day and will make demands that you repay the loan, but you can get help from CreditReps for example who can work to improve your credit score.
Once you have bad credit score it means that it is rare to get a lender who will offer a loan so that you can start a business most lenders will be apprehensive to offer you a loan.
The disadvantage of having a bad credit score when you are applying for utility services is that they will ask for security deposit which is charged even before the services are offered, these include cable, electricity and cellular services.
Bad credit score could make you get denied private student loan, this is because before they lend you a loan they check your performance history and if it’s bad you will be denied a loan.
Before you get a quote from insurance companies they always check your credit score, if you have a low score then you are a financial liability to an insurance company and the premiums could be spiked below average.
You will need to have a cosigner on your loans once you have a poor credit performance, this means once you are unable to settle the debt the responsibility will fall on the cosigner, learn more on bad credit consequences here!