Having a bad credit score can severely slow down your lifestyle, from everything from houses to cars, to holidays and more. Not only that, it is actually more expensive to have bad credit.
The lower your credit score, the less options you have and the more expensive it will be. Making it harder to pay, paying higher and paying longer. Meaning you are stuck in a cycle of not being able to get out the bad credit cycle.
Here are some things that suck with bad credit.
Getting a home loan.
Ok this first one I need to clarify. You can still get a home loan, however you will pay for it in the long run. Having a bad credit score means you will almost certainly be stuck with a higher interest, paying tens of thousands more over the lifetime of the loan.
It’s not just the cost, having a bad credit score also limits the choice of homes and areas you can live. Imagine being stuck in a house you don’t want, in an area you don’t like, paying more money for the privilege!
Renting a decent apartment or house.
Ok, so you can’t buy your dream house right now, but that isn’t the end of the world right? Actually bad credit can harm you when you go looking to rent as well. A lot more landlords and businesses are checking to see if future tenants have bad credit before allowing them to even apply.
Get the latest cell phone.
While everyone is running around sporting the latest phones, like any other lender, cell phone carriers need to assess the risk of lending you a phone without paying upfront. If you have bad credit, the chances of them giving you the latest android of fancy iPhone goes down.
A decent car loan
Forget driving around in safety and comfort, going for a car loan with bad credit is very risky. Often you are forced to less than reputable dealers who know that their customers have very little choice. Meaning that your bad credit can end up costing you more, for a car that isn’t worth much. All while paying a higher interest for the pleasure! Bad credit can really cost you in the long run.
A credit card
Credit cards companies are very obviously good at gauging someone’s finances, and a bad credit history can cost you majorly. Having a bad credit score and applying for a credit leaves you not too many choices and you will pay for the luxury. Higher interest and monthly repayments and less choices can make it very hard to get a credit card.
Before you apply for a credit card, it’s a good idea to be as financially stable as possible to save thousands in the future.
A business loan
Dream of owning your own business or franchise one day? Of being your own boss and making your future your own? Having bad credit can’t seriously put a quick stop on your future dreams. To get approved for finance most lenders will need to see a good credit score, lending money to a business is risky enough without having bad credit thrown into the mix.
In store finance.
This is a big one and only getting bigger. With the amount of in store and “mini” credit options available it’s becoming easier to get what you want, and now. Jewellers, big electronics, and large purchases often have financing available so you can shop now and pay later, some with no interest. Having bad credit can easily get you knocked back, meaning you have a lot less options.
A personal loan
Wanting a holiday? A new updated bathroom or kitchen? A lot of these types of large upgrades are financed with personal loans. With bad credit comes less options, if you can even find someone to lend to you. So while your friends and family are off holidaying or renovating their homes, you are stuck at home checking Facebook.
Elective Surgery and dental work
Only a few things I know of are worse than tooth pain, not having the money to get it fixed is up there though. Not only your teeth, any health problem that isn’t covered by insurance. If your only means is getting a loan to get it fixed, having bad credit can be very hard. If you are lucky enough to find a lender, you are going to be paying a lot more for a lot longer.
Bad credit sucks. Let’s face it.
It’s not only not a lot of fun, but it actually costs more. As you probably figured out already, you are more often than not, getting the worst deal.You pay higher rates and for longer. You pay more for less basically.
But it doesn’t have to be this way. I can help you get your good credit score back.
The power to change is in your hands, get your life back on track, click the button below to get started.