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Article #74: 5 Ways Poor Credit Scores Costs You Extra Money

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Most of us want a good credit report to standards for their policy holders; this
obtain automobile financing, credit means that consumers with poor credit
cards, and to purchase a home. But, have to pay more for less coverage. Many
beyond these consumer loans, your credit automobile insurance companies now base
report can cost you in everyday living your monthly premiums on your credit
expenses. What you don't know about your score; these companies offer a 17%
credit could be costing you money. discount if your score is over 625 and a
Having a credit card means that you can 25% discount if your score is over 725.
order tickets, rent a car, and reserve Why? Because according to their studies,
hotel rooms. Besides these conveniences, people who are careful with their credit
your credit report can mean that you must are also careful with their property and
pay higher deposits and fees for everyday careful drivers.
services. 4. Bad credit can cost you a job. More
Did you know that your credit history can and more employers run an applicant?s
keep you from getting utility credit report and hire the person with
connections, good telephone rates, the better credit, assuming that better
best auto insurance, home owner's credit equals better integrity and
insurance, or even keep you from getting character. A friend of mine with a
hired? Master's Degree and a 4.0 grade average
1. Some utility companies set minimum did not get hired; she was told her
standards for service connections. If credit score didn't meet their minimum
your report shows collection accounts for standard and that they hired another
prior utility bills, you may not be person with less education.
eligible for service at all. And if 5. Poor credit scores means you pay more
utility companies do agree to connect for your home financing. Mortgages cost
your service, you'll need to pay a higher more in upfront fees and interest rates
deposit than another customer with good for those with low credit scores. How
credit who may not need to make any much can you save? A mortgage loan of
deposit. $150,000, 30-year, fixed-rate mortgage,
2. The same requirements exist for interest rate of about 5.72 percent costs
telephone services. People with a good around $870 a month; poor credit scores
credit history don't need to pay deposits raise the interest rate over 9 percent
for home telephone or cell phone and the payments over $1,200. As you see
services. When we first got a cell phone from these payment differences, good
with poor credit scores, we had to pay a credit means that you can finance a more
$300 deposit, for one cell phone. After expensive house with the same income, or
fixing our credit, we got eight cell save $330 each month.
phones for our business, with zero Boost your credit score so you can save
deposits. money on everyday expenses, get
3. What many people don't realize is that high-quality insurance, and the best
good credit enables them to get better mortgage financing.
insurance rates. High-quality, low-cost Copyright ? 2006 Jeanette J. Fisher. All
home owners? insurance, auto, and life rights reserved.
insurance companies set minimum credit






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