The Cost of Bad Credit
Credit Status Rate Payment Over 30 years Monthly Cost of Bad Credit
Perfect 7% $655.30 $0.00 $0.00
Sub Par 9% $804.62 $50,155.24 $139.31
Damaged 12% $1,028 .61 $130,791.63 $363.30
Example 2: 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, as indicated below.
Example 3: Credit Cards
Most of the time you cannot even get an unsecured credit card with bad credit. If you do, you are generally expected to pay a high monthly payment or initial fee. Furthermore, the limits are typically low and the card issuer often asks for a cash deposit.
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