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The Cost of Bad Credit

Bad credit can have devastating effects on a person's life. Having bad credit can make it next to impossible to attain a home, an automobile, insurance, a credit card, a personal loan or even an apartment.

Even if you've been fortunate enough to be able to purchase a new home or a car with bad credit, you're still being punished in some way for your low credit score. Usually, the penalty you receive for bad credit comes in the form of a higher interest rate than normal. Lenders see you as a risk and one of the downfalls of this is having to pay more in the long run simply because your credit score is low. What does all of this really mean? Simply put, it means that having good credit and receiving a good interest rate could end up saving you hundreds or even thousands of dollars on your next loan. The lower your credit score, the higher your interest rate.

Tired of paying the price of bad credit? Build Perfect Credit has the experience and know-how to help you rise above your past mistakes and turn your future into one where your great credit score gets you the things you want at a fair interest rate.

Credit Cards with Poor Credit

As the chart below shows, having good credit or poor credit can mean saving or losing hundreds, or even thousands of dollars. WHY? If you have poor credit, you end up paying more in interest. If a person with poor credit gets a credit card, chances are that the annual fees and interest rate are much higher than it would be for someone with good credit. It can be hard for someone with poor credit to recover from having to pay such high fees on their credit card.

Card Type Score Rate Payment Added Cost
Platinum 720-850 4% $5,000.00 $0.00
  700-719 5.5% $5,000.00 $275.00
Gold 675-699 8% $5,000.00 $400.00
  620-674 10% $5,000.00 $500.00
Standard 560-619 16.0% $5,000.00 $800.00
  500-559 23% $5,000.00 $1,150.00

Auto Loans with Poor Credit

We want you to clearly understand how the credit dispute process works. For a brief overview of how the credit repair process works, you can call our Professional Case Analysts for a free consultation and they can explain the process to you and answer any questions for you.

Credit Score Rate Payment Added Cost
Excellent 720-850 5.038% $750.00 $0.00
  700-719 5.794% $758.00 $307.00
Moderate 675-699 8.158% $785.00 $1,279.00
  620-674 11.214% $821.00 $2,567.00
Poor 560-619 15.385% $871.00 $4,380.00
  500-559 17.540% $898.00 $5,341.00

Mortgages with Poor Credit

The 30-year fixed mortgage APR's are estimated based on the following assumptions. FICO scores between 620 and 850 (500 and 619) assume a Loan Amount of $350,000, 1.0 (0.0) Points, a Single Family - Owner Occupied Property Type and an 80% (60-80%) Loan-To-Value Ratio.

Take a look at the chart below. Notice how a poor FICO score increases the amount of money you will end up spending on a loan throughout the course of its life. If your FICO score is below a 620, most lenders will not even consider offering you a loan.

Credit Score Rate Payment Added Cost
Excellent 720-850 5.597% $861.00 $0.00
  700-719 5.722% $873.00 $4,269.00
Moderate 675-699 6.259% $924.00 $22,903.00
  620-674 7.409% $1,039.00 $64,316.00
Poor 560-619 8.531%% $1,157.00 $106,500.00
  500-559 9.289% 1,238.00 $135,871.00