Cost of Bad Credit

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One of the first things our credit repair clients learn in working with us is how much money they have been wasting by having bad credit. We often hear our clients say “Why did I wait so long to fix this.”

It is essential to understand that banks, landlords, credit reporting agencies and even the free credit sites make SO much money off consumers that have bad credit. Cure My Score has helped thousands of consumers stop money loss by offering affordable, effective credit solutions.

RENT: Sadly, many consumers can’t buy homes due to credit issues, so they build wealth for their landlords instead of for their own family.

Call us today to get started, so you can join our No More Rent Club and own your own home.

The Cost Of Bad Credit

Number of years renting:
Amount paying/month:
Amount Wasted On Rent =

Mortgage Interest: Even consumers that have bad credit who qualify for a mortgage often waste money on higher interest fees. Generally, the lower the credit score, the higher the interest rate.

Home Purchase Example: $200,000 mortgage loan on a $220,000 purchase

 Consumer AConsumer B
Credit Score740 Credit Score620 Credit Score
Interest Rate4% 4.75%
Principle and Interest $954$1,043
Total interest over 30 years$143,440$175,480
Extra Interest Paid$32,040

At the end of 30 years, both Consumer A and B own their own homes, have large equity, and they no longer have payments.

Consumer B paid $32,040 MORE in interest due to their low credit score.

Auto Cost and Interest: Consumers with bad credit can’t negotiate a good purchase price and often have to buy autos at the high-risk dealers. Overpaying for a car due to bad credit alone can cost a consumer thousands of extra dollars.

Auto Loan Example: $20,000 loan for 72 months

 Consumer A Consumer B
Credit Score700 Credit Score530 Credit Score
Interest rate / payment1.9% / $29418.49% / $461
Extra Interest paid due to poor credit$12,024

In this example, two consumers buy the same $20,000 car yet the consumer with bad credit pays $12,024 MORE.

Call us today or schedule an appointment for your Free Credit Review.

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