Nine Things that Suck with Bad Credit

Nine Things that Suck with Bad Credit

by Mar 21, 2022Bad Credit0 comments

Having a bad credit score can severely slow down your lifestyle, from houses to cars, holidays, etc. Not only that, it is more expensive to have bad credit.

The lower your credit score, the fewer options you have and the more expensive it will be. You are making it harder to pay, paying higher, and paying longer. Meaning you are stuck in a cycle of not being able to get out of the bad credit cycle.

Here are some things that suck with bad credit.

1. 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. A bad credit score means you will certainly be stuck with a higher interest, paying tens of thousands more over the loan’s lifetime. 

It’s not just the cost. Having a bad credit score also limits the choice of homes and areas you can live in. Imagine being stuck in a house you don’t want, in a place you don’t like, paying more money for the privilege!

2. 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. 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 apply.

3. 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 or fancy iPhone go down. 

4. 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 a minimal choice, which means that your bad credit can cost you more for a car that isn’t worth much. All while paying higher interest for the pleasure! Bad credit can really cost you in the long run.

5. A credit card

Credit card companies are good at gauging someone’s finances, and bad credit history can cost you significantly. Having a bad credit score and applying for credit cards leave you with few choices, and you will pay for the luxury. Higher interest and monthly repayments, and fewer choices can make getting a credit card very hard.

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.

6. 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 to your future dreams. Most lenders will need to see a good credit score to get approved for finance. Lending money to a business is risky enough without having Bad credit thrown into the mix.

7. In-store finance.

With the number of in-store and “mini” credit options available, getting what you want is more accessible. Jewelers, significant electronics, and large purchases often have financing available. You can shop now and pay later, some with no interest. Having bad credit can quickly get you knocked back, meaning you have fewer options.

8. A personal loan

Do you want a holiday? A new updated bathroom or kitchen? A lot of these types of extensive upgrades are financed with personal loans. With bad credit comes fewer 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.

9. 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. 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 will be paying a lot more for a lot longer.

Bad credit sucks. Let’s face it. 

Many things that suck with Bad Credit. It’s not much fun, but it costs more. You probably figured out that you are getting the worst deal more often than not. You pay higher rates and for longer. You pay more for less.

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. 

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