Let’s be honest poor credit can ruin you and your families well being. Poor credit makes it extremely difficult for some of the United States’ basic necessities. Some may argue that a car is not a basic necessity. I will argue that jobs should stop asking the question do you have reliable transportation to work on all interview questions. The reason for having to pay more because of poor credit is just not right. Poor to bad credit affects interest rates and the power of purchasing that you have over any lender. See bad credit is like having a bad illness that untreated becomes deadly. Some may choose to ignore it until they can’t afford it. Some times that cost does not come in monetary, but in life paths that are being blocked. 

With poor to bad credit, there are many repercussions that one must endure. The uphill battles are intense with a heavy load to carry. The bad habits of paying late on your bills after due dates, late fees are only going to mount up to more bad debt and more bad habits that accrue over time. This lower’s the consumers buying power and increases interest rates. That just a classic scenario of someone moving backward. Know that bad credit means more money and more hassle for you.  

Take into consideration that these institutions and industries run credit checks.

  • Home loan 
  • Car loan 
  • Business employers
  • Lenders
  • Armed Forces
  • Insurance

It should not come as a surprise why these people and institutions want to know your credit history. Your FICO score is a reflection of you and how well you handle your debt to borrow ratio. FICO score is the number one source for credit-scoring models that use information in your credit reports—from loan balances to payment histories—to assess your creditworthiness. The question on these industries’ minds is, how creditworthy are you? Reputation is everything when it comes to credit. 

Take into consideration that people seeking a home or a new car are not the only ones at risk. Don’t get too comfortable in your rental place as if you may have to move for any circumstance and you have poor credit your rent is going to be higher with fewer options to choose from. Then we get into paying a deposit for utilities and cable. Yea, no transfer available to poor to bad credit folks. Bad credit can affect someone in so many different ways bottom line it will impact your finances first and foremost. Therefore, why should you be paying more and higher interest rates when you are already loosing due to your credit. Some people don’t take into account that due to poor credit they may even pay higher insurance premiums. That would mean higher insurance premiums on your car, house, and any other insurable asset. 

Understand this credit is a valuable tool to have if is kept in good standings. Bad habits are hard to break nonetheless when it comes to credit everything is repairable. Seek professional help and believe in the process. Know that your credit is not going to be fixed overnight. With patience and hard work you too can be on your way to a better credit rating. That means new doors will open with better rates. The bottom line is it is better to save than to lose!


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