repair bad credit
Do you know what bad credit costs?
Many people are unaware of how bad credit inhibits their ability to borrow.
Even though banks might loan you money, doesn't mean you're not paying extra for that bad credit.
What does your credit report say? Find out today.
The examples illustrated below will demonstrate just how severe the added costs resulting from bad credit are.
Example 1: Automobile financing
those individuals with bad credit who are making payments on a typical automobile loan is likely paying $5
- $9,000 more in interest. They are paying this solely because they had 'bad credit' when taking out the
loan. See the chart below.
$20,000 automobile paid over 5 years: |
|||
Credit Status |
Rate |
Payment |
Cost of Bad Credit |
Perfect |
10% |
$424.94 |
$0.00 |
Mild Damage |
14% |
$465.37 |
$4,722.54 |
Damaged |
20% |
$529.88 |
$8,593.30 |
Example 2: Mortgage on a Home
Bad credit in auto financing can severely impact what that car costs, however, it pales in comparison to
what bad credit will cost you when a home is involved. An average home can cost anywhere between $50,000 and $130,000
more in mortgage interest for those purchasing the home with 'bad credit'. See the chart below.
$100,000 home paid over 30 years: |
|||
Credit Status |
Rate |
Payment |
Cost of Bad Credit |
Perfect |
7% |
$655.30 |
$0.00 |
Mild Damage |
9% |
$804.62 |
$50,155.24 |
Damaged |
12% |
$1.028.61 |
$130,791.63 |
These two examples clearly show, in dollar terms, the cost of having 'bad credit'. The bottom line - bad credit always costs you! This rule does not only apply to automobiles and homes - it applies to absolutely everything you buy and every dollar you borrow. An individual with bad credit will pay more every time. Why should you repair bad credit? You should repair bad credit immediately and save yourself thousands of dollars in your future!
