Bad credit costs you good money!
Consider Christine Pomoni’s story (similar to many
Americans today). Although she has an MBA in Finance, she
fell into the expensive bad credit score trap:
In 2005, I had:
-$15,000 in private student loan to fund my college education
- I bought my first car $15,000 for 5 years on credit
- I bought my first home with a $150,000 mortgage for 30 years
In 2005, I was paying my credit cards bills on time and at that time, my FICO credit
score was 720, which is good to excellent.
2009: In 2009, lending standards got tighter. But then I
lost my job and I couldn't make timely credit cards
payments anymore. I was unemployed for a year. I
maxed out my cards, so lenders wouldn’t give me offers
of credit. My credit balances piled up, hurting my credit
score and driving my interest rates up. It was impossible to
increase my credit score, it actually downgraded to 630,
which is fair to poor.
When my credit was ruined, I paid a penalty of $6,250 in higher student loan
fees.
I paid a penalty of $24,000 making late payments and maxing credit cards.
My car payments skyrocketed because my credit was ruined, as soon as my FICO
credit score was downgraded to 630 had to pay an additional $2,135.
With 630 credit score, required to pay $68,480 on my mortgage interest.
Bad credit costs add up fast. In total, my bad credit costs me
$100,865!
Contact us if you have credit problems. We’re here to help!
yes i like its your service It was impossible to
ReplyDeleteincrease my credit score, it actually downgraded to 630,
which is fair to poor.
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