Home » Featured
Posted on 29 June 2017 | 5,307 views

3 Disadvantages of Having a Low Credit Score

Having a low credit score can hurt you in a number of different ways. Here are some of the disadvantages of having a low credit score.

Trouble Getting Approved — Whenever you have a low credit score, you will find that it is difficult to get approved for loans or credit. Lenders and credit card companies are going to be very skeptical about giving you a loan or credit.

High Interest Rates — Another disadvantage of having a low credit score is that you will have to pay higher interest rates. Whenever you have a low credit score, this means that you represent a higher amount of risk for creditors. In order to take you on as a customer, the lender has to increase the amount of interest that they charge you. This means that you could end up with higher monthly payments and more money being paid over the life of the loan.

High Deposits — When you have a low credit score, you will also find that many businesses are going to require you to put down a high deposit to provide you with service. For example, whenever you get a cell phone, the provider might require you to put down $200 because of your bad credit score.


Social Media!

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Technorati
  • Mixx
  • Pinterest
  • Google Plus
  • Reddit
  • BlinkList
  • Blogger
  • Tumblr
  • Digg



Tags: , , , , ,

Rate This Article!
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 3.00 out of 5)
Loading...Loading...

2 Comments »

  • Jessica Johnson said:


    RT @pdxpixels: 3 Disadvantages of Having a Low Credit Score #BadCredit http://t.co/yZeTi628

  • David Ryan said:


    Good thing I have an average credit score. At least, at the moment.

Leave your response!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

CommentLuv badge

Why ask?