The Real Cost Of Bad Credit

If you have a bad or low credit score the actual cost to you over your lifetime has been estimated to be from $500,000 to $1 million dollars. Can you imagine how different someone's life would be if they had that money to spend on other things than the penalty created by bad credit? credit repair

Wherever you are starting at don't be discouraged. Remember there is a RANGE of credit scores. There is not a rate for those with good credit and a rate for those with bad credit; rates are tiered by a range defined by lenders. Anything you do to improve your credit can improve your rate range and help you earn lower rates. Credit scores that are in the lower ranges are referred to as bad or fair credit. credit repair

To illustrate the effect on just two areas of your life rates were taken from myfico.com 11/2008.

The example shows the difference in dollars between the lowest range reported and the highest range. Just on a $250,000 mortgage and ONE car loan you are looking at $300,000 more due to increased interest rate and payment based on credit scores. Multiply that by several car loans, increased interest payments on other loans and it easily can be $500,000

About The Author: Drew Canole, is President of Waterfield Credit a credit education, and repair company that has been in business for 5 years. Drew, has just recently published The 57 Day Challenge To A 720 Credit Score. credit repair