Okay, using the word, “ruin,” in terms of what a bad credit score can do to your life may be a bit of an overstatement.
It is probably more accurate to say that bad credit can produce a nasty hiccup, necessitate a detour or a create a pothole on the road of life.
The subject came up recently when I was talking with an older friend of mine, a homeowner with several investment properties, a vacation home and a number of classic cars that were all purchased with cash. She had a simple question – Why should I care whether I have good credit? I am definitely not trying to buy any more property.
Most people understand that there is a need for a good credit score if seeking to obtain financing for a home. This is a situation in which having bad credit could cost you thousands, or even tens of thousands, of dollars. Rest assured that lenders will thoroughly review your credit score and credit history during the mortgage application process. The worst-case scenario is your application for a loan could be denied if you have poor credit.
The other ways bad credit can seriously impede your quality of life and drastically reduce your ability to be financially solvent are not quite as obvious.
The list below contains a number of items that can get pricey or unattainable if your credit is less than positive:
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