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How a Low Credit Score Can Cost You

 

Having a low credit score can hurt you in a number of different ways. Here are some of the disadvantages:

High Interest Rates

With a low credit score, you can end up paying higher interest rate each time you finance.  A poor credit score can cost you thousands of dollars over the life of the loan. 

In the “MORTGAGE SAVING CALCULATOR” below, see how much a poor credit score can cost you on your mortgage.

Enter a Fico Score & Loan Principal Below

Mortgage Savings Calculator

FICO Score (3 digits)

Principal (only numbers)

      Credit Scores

Trouble Getting Approved

It is difficult to get approved for loans or credit with a low credit score. Lenders and credit card issuers are going to be very skeptical about giving you a loan or a credit. Because creditors and lenders think that you're a high risk borrower, they might not want to lend to you at all.

Denial of Job Opportunities

The checking of applicants’ credit scores is becoming more common and can limit your chances of finding gainful employment. Your financial background can be considered because some employers believe that a bad credit can show patterns of poor decision-making or lack of responsibility, using it almost as a character reference. A bad credit history might impact your integrity and reliability when it comes to handling the company’s cash.

Paying High Security Deposits

Some businesses are going to require you to put down a high security deposit to provide you with service. For example, whenever you get a cell phone, the provider might require you to put down $1000 deposit to ensure that they are not at a loss in case you were to default on your payments.

Costly Insurance Premium or Refusal of Coverage

On July 24, 2007 the Federal Trade Commission released a report which concluded that credit-based insurance scores accurately predict how often a person would file an insurance claim. The lower the credit score, the more likely a person would be to file a claim. Therefore, if you have many negative items on your report and a low credit score, you are likely to pay more in insurance or even be declined coverage outright.

The GCM Solution

Society is becoming increasingly dependent on using credit to make purchasing decisions. Since your credit is defined by how well you’ve paid your bills in the past, many businesses such as landlords, mortgage lenders, utility providers, and even employers use your credit to predict your future financial responsibility. This is why maintaining good credit is so important.

If you need help in increasing your credit score and re-establishing good credit, GCM is here to help. Please call all at (888) 247-8882 and start your new journey to financial freedom.