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, 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…
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
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