What are the Consequences for Not Fixing Your Credit Performance?
Bad credit has it consequences, once your credit score is below par this means that you are at risk of being charged high interest rates on mortgage and your credit card as well as other areas of credit use.
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.
Even if you manage to get a loan when you have a poor credit score, the interest rate the loan will be charged is high and this means that there are restrictive terms to your loans due to poor credit score.
Did you know that employees can look at your credit score before hiring you? Again you will also have trouble with security clearance, however, with CreditReps for instance you can get credit help and ensure your score is improved.
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.
The ability to start and own a business can be hindered by a bad credit, this is because you will have issues securing funds to start off a business and get started, most lenders are apprehensive on giving loan to people who have a bad credit performance.
You will be asked to place a deposit to the utility companies that offer electricity, cable services and cellular services because as part of the application process check the credit history before they install the 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.
You see high insurance premiums once you have bad credit score, they term it as a liability to them and therefore will bot offer you a quote.
Once you have a pretty bad credit score most lenders will ask for a cosigner and if you fall flat on repaying the loan the cosigner will be responsible to settle the debt.