Bad Credit is Expensive
When your score is rated “bad” by credit reporting agencies, you are left with unfavorable lending conditions for whatever you are financing. Having bad credit compared to good credit may mean you end up paying hundreds of thousands of dollars more in the lifetime of a mortgage.
To illustrate how bad credit is expensive, let’s look at the scenario below: Two people need to finance a mortgage of $150,000. Jane has good credit and John has bad credit.
Conclusion: Because of John’s poor credit rating and unfavorable loan terms, John may potentially end up paying $184,000 more for the same home. John could foreseeably pay an average of $525 more than Jane every month.
This scenario above is for illustrative purposes only. “Jane” and “John” are fictious characters not based on any real individuals. The scenario illustrates the potential results of the particular character and one should not expect the same result because every case is different. Blue Water Credit LLC promises only to communicate with the creditors on your behalf and in your name, verify report changes with bureaus, and provide you timely information about changes in your reports. Any credit score improvement seen after using our services is the result of many other additional factors, including: keeping credit balances low, paying bills on time, reducing or eliminating unnecessary inquiries, developing appropriate types of credit, and sound financial planning.