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How Bad Credit Affects You

Very few things in life can have a more devastating effect on your lifestyle than a poor credit score. A low credit score can cost you hundreds or even thousands of dollars per month.

Credit Cards

Most prime credit cards are entirely out of reach to consumers with bad credit. And the few credit cards that are available to them (known as "sub-prime" cards) typically require exorbitant setup fees or recurring monthly fees, offer very low credit lines, often require cash deposits, and in most cases do not even report your positive credit activity to the credit bureaus.

Automobile Financing


If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in a higher payment. Take a look.

$20,000 car paid over 5 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

10%
14%
20%

$424.94
$465.37
$529.88

$0.00
$4,722.54
$8,593.30

Home Mortgage


Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit.

$100,000 home paid over 30 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

7%
9%
12%

$655.30
$804.62
$1,028.61

$0.00
$50,155.24
$130,791.63


Learn More.


The three main credit bureaus are: TransUnion, Experian and Equifax. Lenders judge your credit worthiness using the FICO scoring system. Your FICO score is calculate with information from these credit bureaus by using the amount you owe on non-mortgage-related accounts such as credit cards, your payment history, and your credit history. The FICO score ranges from 300 to 850. The higher your FICO score, the lower your interest rate will be. Since it’s possible the information from the credit bureaus is inaccurate, it is very important you check your credit report on a regular basis. Since a high FICO score can save you thousands of dollars on your home mortgage or car loan, it is very important that you repair your credit immediately if your FICO score is below 680.

What is your FICO Score?

Will you get the best rate on your next loan?

FICO Score

Rating

Best Interest Rate

780+

Perfect

Yes

720-780

Excellent

Yes

675-720

Average

No

620-690

Fair

No

Below 620

Low

No

 

 

 


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Content on this web site is provided for informational purposes only. We accept no responsibility for any loss, injury or inconvenience sustained by any person resulting from information published on this site. We encourage you to verify any critical information with the relevant authorities.

© 2006 DMGI, INC.
Wyoming Legal Services.

The Fair Credit Reporting Act gives you the right to have inaccurate, untimely, misleading, or unverified information deleted from your credit report!

While you have the legal right to work out your credit disputes with the credit agencies, you may want to consider utilizing a trained staff of lawyers, paralegals and legal assistants, all using state of the art technology. Raising your credit score can save you thousands of dollars over the course of your mortgage. You should start by obtaining your free credit report & scores today.

In the city, you can find a diverse selection of legal services and legal service professionals. Land-use attorneys and real estate lawyers can help you settle disputes over zoning and other property-related laws and regulations. Accident and injury attorneys can ensure that you get rightful compensation in the event of an accident-related injury. Tax attorneys and finance lawyers can help you with questions regarding your legal rights when it comes to bankruptcies, liens against personal property, debt consolidation, credit problems, and banking and securities law. Criminal attorneys can help in cases involving fraud, theft, and violence and ensure that your civil and legal rights are adhered to. Attorneys skilled in family law can help with prenuptial agreements, legal separations, visitation privileges, alimony, child custody, and child support issues. There are also attorneys that specialize in DUI, DWI, and other traffic law offences that might be able to help with violations you received while operating a motor vehicle. Proper legal representation is not only a wise choice; it’s also your right as a U.S. citizen. So whatever your legal need, you are likely to find whatever assistance you need right here in the city.

Wyoming, dubbed The Cowboy State, is the best example of what folks think of when they think of the authentic West. This is a place where western wear is more a part of function and daily life as it is fashion, and Native American culture is ever-present. This is also a place where the buffalo really do roam free, and the deer and the antelope play, along with elk, raccoons, moose, big horn sheep, prairie dogs, coyotes, bald eagles, and other birds of prey. In fact, over half of the state is public land, where visitors are free to hike, mountain bike, camp, kayak, raft, or simply observe nature in its pristine state, undisturbed by the influence of man. National treasures are many here, including Bighorn Canyon, Bighorn National Forest, Fossil Butte National Monument, Grand Teton National Park, Whiskey Mountain, the Laramie National Historic Site, and of course, the world-famous Yellowstone National Park where visitors can see natural wonders found nowhere else on Earth. It truly is a site to behold and experience first-hand. Devil’s Tower, the nation’s first national monument, is also a must-see. This cluster of giant rock columns juts straight up, over 1,200 feet over the valley below and almost a mile above sea level. For those seeking out some powdery slopes, Jackson Hole Wyoming offers some of the best in the States, along with a town full of friendly folks, mountain lodges, and great cuisine. Cheyenne, made famous by the Fort of the same name, is also a town where people can see the past meet the present, right before their eyes.

Wyoming, Cheyenne, Billings, Jackson Hole, Laramie, Yellowstone, Devil's Tower, Bighorn Canyon, Old West, Grand Teton

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