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What is the Price you are already
paying for Bad Credit?
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If you
are making payments on a car, you are probably paying
between $5,000 and $9,000 more in interest just
for having bad credit. This added interest shows up every
month in a higher payment. |
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Credit
Status |
Rate |
Payment |
Over 5
years |
Monthly
Cost of
Bad Credit |
| Perfect |
10% |
$424.94 |
$0.00 |
$0.00 |
| Mildly
damaged |
14% |
$465.37 |
$4,722.54 |
$76.17 |
| Damaged |
20% |
$529.88 |
$8,593.30 |
$138.60 |
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| 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 $50,000 and $130,000 more in interest
if you are buying the home with bad credit, as indicated
below. |
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Credit
Status |
Rate |
Payment |
Over 30
years |
Monthly
Cost of
Bad Credit |
| Perfect |
7% |
$655.30 |
$0.00 |
$0.00 |
| Mildly
damaged |
9% |
$804.62 |
$50,155.24 |
$139.31 |
| Damaged |
12% |
$1,028.61 |
$130,791.63 |
$363.30 |
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| If you are
looking to make a major purchase in the next 6 to 12 months
you should obtain
copies of your credit reports from all three credit agencies
ASAP. You can learn more about obtaining and reading
your reports as well as a variety of ways to dispute negative
information by ordering your copy of "Give
Yourself Credit". |
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