Do you feel you'll ever be able to own a house etc...?
2006-06-15 14:03:46 · 6 answers · asked by soulgirl76 4 in Business & Finance ➔ Credit
Bad Credit usually means you will have difficulty getting financed and when someone does finally loan you money it will be at a very high interest rate. You can probably get a home loan, but it will be 8+% or require a good downpayment. You can expect upwards of 10% on a car loan, etc. You are a higher risk, so the bank has to charge you more in case you don't pay them.
Bad credit can also prevent you from getting a job. Many companies now pull credit reports to assess the responsibility of the person.
And don't be late on any more bills. Once you have about 3 years of paying on time, people will start to take a chance on you again. Bad credit stays on your credit report for 7-10 years.
If you have debts, call the companies and work out payment plans, or call a NOT FOR PROFIT debt counselor, like Consumer Credit Counseling Services
2006-06-15 14:12:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Lenders want to lend you money. Bad credit just means they will charge you more for it. It is in your best interest to improve your credit, and you can do that the same way you destroyed it: over time. Pay your bills on time starting now. Don't carry credit cards until you have money in the bank. Do without some extras like new clothes, nights out, or expensive gifts until you can really afford it. Eventually, you will be squeaky clean and get into trouble all over again.
2006-06-15 14:10:01 · answer #2 · answered by Tom M 4 · 0⤊ 0⤋
I know alot of people that have bad credit - all it means is you will pay a higher interest rate on things. And yes, these same people have been approved for mortgages, car loans, etc.. You are much better off trying to get your credit on the right path - you will save alot of money
2006-06-15 14:09:19 · answer #3 · answered by hotmomma 4 · 0⤊ 0⤋
my dad has terrible credit the only reason he has a house is because my mom really helped him with the house and bills if he loses our house it will be about years before he can get another one so he never would
2006-06-18 13:59:03 · answer #4 · answered by donielle 7 · 0⤊ 0⤋
No, it does not mean financial death.
Buy Dave Ramsey's book at daveramsey.com and change your thinking about money.
2006-06-15 14:18:01 · answer #5 · answered by snvffy 7 · 0⤊ 0⤋
Credit can be repaired. See a credit counselor.
2006-06-15 14:05:36 · answer #6 · answered by rockEsquirrel 5 · 0⤊ 0⤋