Just how much more does life cost with a low credit score?
The answer is probably far more than you think!
FICO scores range from 300 to 850. Lower credit scores mean paying more for everything in life, IF you can even afford them at all! Let’s take a look at just how much more those with less than great credit pay, and just how much of a difference the small investment of credit repair can make over time…
Daily Living Expenses
Those without credit cards, or good credit cards, can’t afford to take advantage of as many sales or buy in bulk. They will pay far more for groceries, household items, appliances and furniture versus those privy to 0% interest deals.
Today, most services offer air miles, shopping rewards, and frequently at least 1% cash back on purchases. Those that spend just $2,000 per month on all of their expenses miss out on at least $2,400 in cash back per year. If you live another 20 years, that’s $48,000!
Poor credit can prevent individuals from buying new and better cars which means higher maintenance and fuel costs each year. Then, there is interest on car loans. According to Bankrate.com in January 2015 advertised rates were just 2.99%. Those with less than great credit shouldn’t be surprised to pay 10% to 14%.
In real terms, this means that the lower credit car buyer paying $135 more per month, and $12,090 extra in interest over a 6 year loan. Most will probably buy more than one car during their lives, compounding the cost.
Even if you can get a house or apartment you like today with less than great credit, you’ll pay a lot more for it. Even renters will pay more in rent and deposits. Home buyers may pay more on insurance, utility deposits and other services.
Online real estate giant Zillow recently reported that it cost half as much to buy a home as rent today. However, how much you’ll pay really depends on your credit. Home mortgage rates have continued to stay low, but only if you have awesome credit. Bad credit home loans can see interest rates as much as 6% higher than others.
For example; on a $250,000 home loan over 30 years, a borrower paying 10% interest, versus 3.8% would mean; paying more than an extra $1,000 per month, and an extra $370,452.79 in total interest (enough to pay cash for another home and car).
You’ll Earn Less Too
Unfortunately, credit checks have become a regular part of applying for all types of jobs and even getting promotions. Believe it or not, you can’t even join some branches of the military or move up in rank if you don’t have great credit. That means those with bruised credit can be passed up, and even stuck on the sidelines as younger graduates move up the ladder fast. So you end up making less, yet paying more for everything. A classic case of “the rich getting richer, and poor getting poorer.”
The Really Good News…
The good news is that poor credit can be fixed. In fact; the really great news is that you can start improving your credit with Credit Repair Program Credibility with just $199. That’s a return on investment that makes Warren Buffett jealous of!
Ready To Get Started? Call 877-335-9043 Or Click Here To Connect With Us!