All the Ways Bad Credit Makes Life More Expensive

bad credit makes life more expensiveIt sounds like an oxymoron, but being poor is actually really expensive. The same principle is true with bad credit. Not only does it make borrowing money more expensive, it can also affect your life in surprising ways. From your cellphone bill to your car insurance, bad credit can make everything cost more. Your FICO score ranges from 300 to 850, with 850 being a perfect score. What exactly counts as a bad score, though? Here’s a general range, according to Credit.com.

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 600

Here are some of the surprising ways bad credit can affect your life.

Getting a Job Might be Harder With Bad Credit

Some employers look at credit scores when choosing who to hire. Fairly or not, some people use credit scores as a gauge of a person’s trustworthiness, and some employers are hesitant to hire people with low scores. Over one-third of employers put some or all of their potential hires through a credit check, and one survey claims that a shocking 10% of middle- or low-income Americans have lost a job offer because of their credit. In fact, 14% of employers rate a credit check as the most important factor when deciding whether to offer employment.  read more…

All the Ways Bad Credit Makes Life More Expensive

It sounds like an oxymoron, but being poor is actually really expensive. The same principle is true with bad credit. Not only does it make borrowing money more expensive, it can also affect your life in surprising ways. From your cellphone bill to your car insurance,...

read more

Your Student Loan Options When You Can’t Pay Them Back

Student loans are a massive burden on the American economy. In the United States alone, there is over $1.2 trillion of outstanding student loan debt. In fact, the average college graduate with debt has over $30,000 in student loans. This can be a crushing burden, and...

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How Exchange-Traded Funds (ETFs) Work

Although we take it for granted, what stock markets do is actually pretty cool. Say you wake up one day and decide you want to own some of Apple—one of the largest companies on earth. Since Apple is a public company, anyone can buy a part of it. You don’t need to have...

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Other Online Shopping Sites Like Amazon

When most people think of online shopping, they think of Amazon. From its humble roots as an online bookstore, Amazon has become the everything store, offering a plethora of items from 45 cent binder clips to $40,000 watches. There are other sites like Amazon,...

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A Beginner’s Guide to Index Fund Investing

The best way to invest? Do nothing.  Have you ever dreamed of making money in the stock market? What if I told you there was an easy way to outperform most actively managed investments? Well, here’s the secret: Do nothing. More specifically, put your money in an index...

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How to Build an Emergency Fund on a Tight Budget

If you had a $500 emergency, would you be able to cover the bill? If you answered no, you’re not alone. In fact, the average American couldn’t afford a sudden $500 bill. What is the solution? An emergency fund. But here’s the catch: If you’re rich, you probably don’t...

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