8 Consequences of Having A Poor Credit Score
By: Raj J. Shah
Most people dont realize exactly how important a good credit
score is these days. Everyone needs a good credit score. Its
critical. The credit score is the single largest component bank and
other lending institutions look at when extending credit. The
ability to borrow and use other peoples money is absolutely
essential. Less than 1% of the U.S. population could sustain the
lifestyle they live without borrowing money. In other words a
persons credit score is their lifeline. Its sad but true that banks
make life-changing decisions based on a number. The following are 8
consequences of having a poor credit score
1) Health insurance costs more
2) Auto insurance costs more
3) Have to pay a higher deposit for an apartment
4) Must pay a mandatory deposit for cable
5) Must pay a mandatory deposit for electricity
6) Must pay a mandatory deposit for hot water
7) Must pay higher interest rates for financing a vehicle (If your
credit score will allow you to finance such a large purchase)
8) Must pay higher interest rate to finance a home (If your credit
score will allow you to finance such a large purchase)
So if a person has a lower credit score that means they are more inclined to be a high risk driver? Or they are more prone to being physically injured? Well, nobody said all the rules make logical sense. Thats just the way the rules are and we all got to live by them. Its pretty weird how it works, but when a person has poor credit it actually costs a lot more to live.
ABOUT THE AUTHOR: Raj Shah is a recognized authority on helping people find legal and ethical ways to increase their credit score regardless of their current credit rating. His web site, http://www.FixMyCreditReportNow.com, provides a wealth of informative content on how to raise your credit score by a minimum of 125 points guaranteed.
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