|
What is the Price you are already
paying for Bad Credit? |
| |
|
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.
|
|
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 |
|
| |
| 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. |
|
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 |
|
| |
| 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". |
