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Insurance Premiums and Your Credit Score

A bankruptcy will cost you more in insurance premiums, particularly for homeowner’s and auto insurance. The insurance mavens and their henchmen love credit scores and credit reports. All those dispassionate numbers lend themselves to justifying rate increases much better than real claims do. So even if you have no losses, your premiums may go up. Having BAD CREDIT does COST A LOT.

The Cost of Bad Credit

Bad credit score does COST. For example, say you bought a house for $150,000 – at a 30 year fixed rate, with one point in fees, and a down payment of 20%. If your credit score were 620 intead of 740, you’ll pay $184,695 more in interest over the life of your loan. That may be enough for a Ferrari or a new House. Having bad credit does COST a lot.

Consequences of Having Less Than Perfect Credit

Your credit score is a critical measure of your credit standing used by creditors who want a assessment of your risk potential as a borrower. The higher your score, the lower risk of a default. 60% of Americans are paying MORE for items financed, because they do not have a 740 FICO score. Second Chance Credit LLC can help you save money by getting your FICO credit score to 740.

Paying More for Bad Credit

Credit is an essential tool in achieving your future goals. If your credit isn’t in perfect shape (740+ FICO Score), you’ll be paying more for EVERYTHING you plan to finance. And that difference could be tens or hundreds of thousands of DOLLARS.

Employers Running Credit Checks

Even under ideal circumstances, job hunting can be stressful. When you consider the fact that employers run a credit check before making a job offer, your stress level can increase as your opportunities decrease. Second Chance Credit LLC can help you get out of bad credit.

Landlords and Credit

Landlords get credit reports on tenant applicants. They may refuse to rent to you, require a cosigner, or increase the amount of deposit if they see that you are a risky customer due to your credit score/history. It’s very COSTLY to have bad credit

Consequences of Declaring Bankruptcy

BANKRUPTCY doesn’t look good on your credit report. This event appears as a public record in your file and it stays there for 10 years. Worse, it causes your credit score to plunge as many as 200 points. Declare bankruptcy and you’re likely to see your score drop to the 500′s or worse. That will put you in the lower 10%… of all credit scores. Ouch!

Determining Whether Bankruptcy is Right For You

Declaring bankruptcy is no small decision. There’s a chance that it can stay with you in some form for up to TEN years. It’s a decision that will affect your self-image. It’s a condition that will redefine your credit report and certainly hurt and lower your credit score bankrupt.

In the US Inability to Pay Off Debt Doesn’t = Prison Time

Here in the United States of America, people don’t go to prison if they can’t pay their bills or loans. What happens is that the companies you owe and did not pay, as a way of getting back at you, they then TARNISH your credit. Tarnish/Bad credit stays on your three credit reports from 7 to 10 years. Second Chance Credit can help.

Student Loans are Unsecured

A student loan is not secured with collateral. Whether you graduate or not, you may defer the payment of loans until another time. Situations include economic hardship or unemployment. When you’re in default with a student loan, you can’t defer payment of the loan. You won’t be eligible for further student aid, your school may withhold your transcripts, and your wages may be garnished.

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