How Credit Affects You
Your credit affects every aspect of your financial life. The average American with bad credit spends an extra 30-40% a month in higher interest rates. Don’t allow your bad credit keep you from reaching all of your financial goals.
You legally have the right to dispute your credit reports for inaccuracies that are adversely affecting your credit rating.
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Your credit affects more than you think. These are just a few aspects of your financial life that are affected by your credit rating:
Employers in today’s market investigate your dependability along with your financial responsibility based on your credit rating. Employers look to see how you manage your personal finances to determine whether they can entrust their finances with you as an employee.
Renting Instead of Owning
The “American dream” is to own a home, but more importantly than having something to call your own is the financial repercussion of renting instead of owning an appreciating asset. The money that you are spending each year in rent could be going into your investment instead of your landlords.
Interest Rates on Mortgages
A typical home mortgage can cost hundreds of thousands of dollars more through the life of the loan if you are buying a home with bad credit.
An auto loan can cost thousands more in interest if you are buying the vehicle with bad credit.
$10,000 Auto paid over 5 years