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How Bad Credit Affects You

Very few things in life can have a more devastating effect on your lifestyle than a poor credit score. A low credit score can cost you hundreds or even thousands of dollars per month.

Credit Cards

Most prime credit cards are entirely out of reach to consumers with bad credit. And the few credit cards that are available to them (known as "sub-prime" cards) typically require exorbitant setup fees or recurring monthly fees, offer very low credit lines, often require cash deposits, and in most cases do not even report your positive credit activity to the credit bureaus.

Automobile Financing


If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in a higher payment. Take a look.

$20,000 car paid over 5 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

10%
14%
20%

$424.94
$465.37
$529.88

$0.00
$4,722.54
$8,593.30

Home Mortgage


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.

$100,000 home paid over 30 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

7%
9%
12%

$655.30
$804.62
$1,028.61

$0.00
$50,155.24
$130,791.63


Learn More.


The three main credit bureaus are: TransUnion, Experian and Equifax. Lenders judge your credit worthiness using the FICO scoring system. Your FICO score is calculate with information from these credit bureaus by using the amount you owe on non-mortgage-related accounts such as credit cards, your payment history, and your credit history. The FICO score ranges from 300 to 850. The higher your FICO score, the lower your interest rate will be. Since it’s possible the information from the credit bureaus is inaccurate, it is very important you check your credit report on a regular basis. Since a high FICO score can save you thousands of dollars on your home mortgage or car loan, it is very important that you repair your credit immediately if your FICO score is below 680.

What is your FICO Score?

Will you get the best rate on your next loan?

FICO Score

Rating

Best Interest Rate

780+

Perfect

Yes

720-780

Excellent

Yes

675-720

Average

No

620-690

Fair

No

Below 620

Low

No

 

 

 


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Massachusetts Legal Services.

The Fair Credit Reporting Act gives you the right to have inaccurate, untimely, misleading, or unverified information deleted from your credit report!

While you have the legal right to work out your credit disputes with the credit agencies, you may want to consider utilizing a trained staff of lawyers, paralegals and legal assistants, all using state of the art technology. Raising your credit score can save you thousands of dollars over the course of your mortgage. You should start by obtaining your free credit report & scores today.

In the city, you can find a diverse selection of legal services and legal service professionals. Land-use attorneys and real estate lawyers can help you settle disputes over zoning and other property-related laws and regulations. Accident and injury attorneys can ensure that you get rightful compensation in the event of an accident-related injury. Tax attorneys and finance lawyers can help you with questions regarding your legal rights when it comes to bankruptcies, liens against personal property, debt consolidation, credit problems, and banking and securities law. Criminal attorneys can help in cases involving fraud, theft, and violence and ensure that your civil and legal rights are adhered to. Attorneys skilled in family law can help with prenuptial agreements, legal separations, visitation privileges, alimony, child custody, and child support issues. There are also attorneys that specialize in DUI, DWI, and other traffic law offences that might be able to help with violations you received while operating a motor vehicle. Proper legal representation is not only a wise choice; it’s also your right as a U.S. citizen. So whatever your legal need, you are likely to find whatever assistance you need right here in the city.

Located in the heart of New England with a coastline along the great Atlantic seaboard, Massachusetts is rich in both American history and fun. History nuts will go crazy over the amount of historical reenactments and exhibits scattered throughout the state, like the Pilgrims’struggle to survive at the New World at Plimoth Plantation, or the USS Constitution, also known as Old Ironsides, is docked at Charlestown, or Lexington Green, where the first shots of the Revolutionary War were fired, or the Witch Trial Tours just north of Boston. But don’t stop there. Boston itself is a historical icon. From cobblestone streets leading to quaint bars and taverns to the campus of esteemed Harvard University you'll find a plethora of history and intellectual conversations among resident Bostonians. Catching a Red Sox game at historic Fenway Park is also a winner, regardless the outcome of the game. Concord and Cape Cod are two other must-see cities with their own unique amenities and charm, the latter offering offshore fishing charters and whale-watching tours. Hikers can head to Royalston Falls, the Swift River Reservation, the famed Appalachian Trail, or Mt. Washington State Forest while those preferring a leisurely walk can visit Greater Boston's Garden in the Woods or the forest covered Weir Hill Reservation, located in Greater Merrimack Valley. And extreme sports enthusiasts can get the thrills of their lives kayaking the Ipswich River, skydiving in Greater Merrimack Valley, dog sledding through the woods, or ice climbing in the Berkshires.

Red Sox, Fenway Park, Boston, Old Ironsides, USS Constitution, pilgrims, Charlestown, Lexington Green, Harvard, Concord, Cape Cod, Royalston Falls

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