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How much does bad credit cost?
As you consider using our services,
you would do well to look at the price you are already paying for bad
credit. If the cost of our service can produce much greater savings,
you would be wise to make the investment. Below are just a few examples
of the cost of bad credit.
Credit Cards
Most, if not all, prime credit cards are entirely out of reach to
consumers with bad credit. The few credit cards that are available to
consumers with bad credit (known as "sub-prime" cards) typically
require exorbitant setup fees or recurring monthly fees, offer very low
credit lines, often require cash deposits, and in most cases do not
even report your positive credit activity to the credit bureaus.
Automobile Financing
If you are making payments on a car, you are probably paying between
$2,000 and $7,000 more just for having bad credit. This added interest
shows up every month in a higher payment. Take a look.
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$25,000 car paid over 5 years:
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CREDIT STATUS
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RATE
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PAYMENT
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COST OF BAD CREDIT
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Perfect
Mildly Damaged
Damaged
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4%
8%
15%
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$460.41
$506.91
$581.71
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$0.00
$2,790.00
$7,278.00
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Home Mortgage
Bad credit in auto financing can really hurt, but it is nothing
compared to the cost of bad credit when a home is involved. A typical
home can cost between $60,000 and $190,000 more in interest if you are
buying the home with bad credit.
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$150,000 home paid over 30 years:
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CREDIT STATUS
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RATE
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PAYMENT
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COST OF BAD CREDIT
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Perfect
Mildly Damaged
Damaged
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5%
7%
10%
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$805.23
$997.95
$1,316.36
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$0.00
$69,379.20
$184,006.90
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Can bad credit be deleted?
Can credit repair companies be trusted?
Can credit repair companies really guarantee results?
How much does bad credit cost?
Are items such as bankruptcy and forclosures impossible to remove?
Should consumers try credit repair on their own?
Does bankruptcy wipe the slate clean for a second chance?
Do creditors bother to read the 100-word statement?
How can changing one's SSN or EIN tax number help credit matters?
Does enough good credit offset any bad credit?
Does the CCCS help consumers restore credit?
Do negative items remain listed for at least 7 years?
What is the Fair Credit Reporting Act (FCRA)?
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