Having bad credit is very detrimental to your everyday life, and won't go away overnight just because you want it to. It's not something you can get rid of very easily, even if you really want it to fix itself. Having bad credit can affect you in plenty of ways, including taking loans or applying for credit cards.
The worse your credit history becomes, the more problems you can expect to find when looking for loans or banks to approve you of a credit card. If you ever find your dream home or dream car and need to take out a loan just to get it, if you have bad credit history, you can expect to not get much help buying the car. If you do, however, find a place willing to loan you money, it's highly likely that it will come with a high interest rate. Having high interest rates is hazardous to anyone with a low credit score, because if you end up missing a monthly payment, the costs are just going to amass over time and you will end up having to owe an amount that you'll surely be unlikely to pay off.
As you know, failing to pay off your outstanding balances will just decrease your credit score even more, and you'll just wind up even worse off than you started. The benefits of having high credit surely outweigh the disadvantages of having low credit, so it's definitely in your favor to increase your cred score as much as you can. Credit card rewards are usually only offered to people with higher credit scores than those with lower ones. You'll also have other benefits with credit services, such as a longer duration of 0% APR with your credit cards. Instead of getting the 6 months you may get with low credit, you could get up to 18 months with high credit.
It will also be difficult for you to find a place to live if you have bad credit. Forget buying your own house, even apartment landlords may not even accept you if your credit score is too low. They will almost always run your name through a credit report to see whether or not you're trustworthy, and with a low credit score, they can safely assume that you aren't. And even after you find a place to live, if you have bad credit, you can expect the utility companies to require you to pay a security deposit before you can use their services. This includes electricity and phone companies. Your credit score reflects your reliability to the rest of the world, so in order to prove yourself reliable; you need to manage your credit score properly so that it doesn't slip up.
There are no advantages to decreasing your credit score, so you should just fix it as soon as it starts to slip; it will make your life much easier if you do. If you don't manage your credit score, you'll just be digging your own grave. Things will just get worse and worse unless you take action as soon as you see yourself slipping up.
The worse your credit history becomes, the more problems you can expect to find when looking for loans or banks to approve you of a credit card. If you ever find your dream home or dream car and need to take out a loan just to get it, if you have bad credit history, you can expect to not get much help buying the car. If you do, however, find a place willing to loan you money, it's highly likely that it will come with a high interest rate. Having high interest rates is hazardous to anyone with a low credit score, because if you end up missing a monthly payment, the costs are just going to amass over time and you will end up having to owe an amount that you'll surely be unlikely to pay off.
As you know, failing to pay off your outstanding balances will just decrease your credit score even more, and you'll just wind up even worse off than you started. The benefits of having high credit surely outweigh the disadvantages of having low credit, so it's definitely in your favor to increase your cred score as much as you can. Credit card rewards are usually only offered to people with higher credit scores than those with lower ones. You'll also have other benefits with credit services, such as a longer duration of 0% APR with your credit cards. Instead of getting the 6 months you may get with low credit, you could get up to 18 months with high credit.
It will also be difficult for you to find a place to live if you have bad credit. Forget buying your own house, even apartment landlords may not even accept you if your credit score is too low. They will almost always run your name through a credit report to see whether or not you're trustworthy, and with a low credit score, they can safely assume that you aren't. And even after you find a place to live, if you have bad credit, you can expect the utility companies to require you to pay a security deposit before you can use their services. This includes electricity and phone companies. Your credit score reflects your reliability to the rest of the world, so in order to prove yourself reliable; you need to manage your credit score properly so that it doesn't slip up.
There are no advantages to decreasing your credit score, so you should just fix it as soon as it starts to slip; it will make your life much easier if you do. If you don't manage your credit score, you'll just be digging your own grave. Things will just get worse and worse unless you take action as soon as you see yourself slipping up.
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