Here is an eye-opener for anyone planning their financial future. FreeScore.com listed the fantasy purchases first, then sock you with the everyday reality.
- Cosmetic Surgery?can cost upwards to $10,000.00. A difference of ten FICO points can make a big difference in how much credit you can purchase and the interest rates for the amount.
- iPhones?can be costly if even possible to purchase. Credit companies suggest how much deposit should be paid. Leaving the consumer to pay full price for the phone and a hefty deposit for the service.
- Franchise Fees:?If you apply to own a franchise a poor credit score tell the franchisor that you probably do not have the upfront cash needed. Commercial Real Estate managers will probably not approve a lease if you got the franchise cash.
- Luxury Car (50K or more). Never mind the luxury car, you need a co-signer for any car if your credit score drops to 550 or below.
- 5.?Business Loans?require a 640 minimum credit score or higher.
- 6.?Student Loan?costs climb to 8 thousand dollars more for a credit score of 650 than a score of 750.
- Great Jobs?in the finance and government sectors require good credit.
- New Home.?The FHA will approve a home loan with a score as low as 520.
- Cheap Car Insurance.?A good driver could have higher premiums because of low credit scores
- Rewards Credit Cards?offered by major credit card companies required a credit score of at least 690. High end cards like American Express require a score of over 700.
- Diamond Ring.?That once in a lifetime moment will not be the same with bad credit. A wedding set can cost up to $10,000.00, and a personal loan requires a score of 690 or higher.
By the time you get to the middle of the list, the importance of good credit should be obvious and this is some wisdom to live by. People can often live life without cosmetic surgery or a $50,000.00 car, but it gets to be a very serious matter even when talking about getting a job. Read more articles and find out more about credit repair companies reviewed on our site.