Because your credit score is not a number you deal with daily, it often goes ignored. Forgetting payments, maxing out a credit card, or ignoring your bills will all have a huge impact on your credit score and credit history. A positive credit record will lead to lower interest rates, more job opportunities, and more possibilities to rent or buy a home. Here are the most pressing side effects of bad credit:
1. Credit and/or loan application not approved
The lower your credit score, the less likely you will be approved for a new line of credit. Since you are a high risk for the lender, you are either denied completely or offered the loan at a high rate.
2. High interest rates on credit
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