How a Low Credit Score Can Cost You
Low and bad credit scores typically rank below 500. Credit scores in general go from 300 to 850-there is nothing higher than an 850. If you find an 850 then marry it-because that is a unicorn. What we are saying is that low and bad credit affects everyone. There is not a single person around that has not been affected by the huge shifts in our country. The loss of jobs, low retirement rates and more are huge issues for many people. In fact, they are the main reasons that the companies are not offering deals to everyone. The recent recessions are not the only reason that people get bad debt. We know that you are ready to save your credit or you would not have been here in the first place. We offer you the exception to the rule which is a hard rule to live by. In fact, there are a lot of different issues that are surrounding the credit deal as is. A low credit score hurts your ability to get loans, and raises the cost of credit when you can get it. Credit scores are also used for insurance rates, renting and even employment issues. In fact, credit companies are working hard to make sure that your score is tacking more and more on there. Why? Think about it-they get more money with more fees.
A poor credit score can cost you hundreds of thousands of dollars over your life. Enter in a FICO score and a Loan Principal below to see how much a poor FICO score can cost you on just your mortgage. If you are a home owner or looking to buy, raising your FICO score is the most important thing for you to do. A better score not only means lower payments, but can mean a bigger house, the chance to take out more money on a re-fi, or even the difference between being able to buy.