Cryptocurrency Q&A
What are two problems of having a poor low credit rating?
What are two problems of having a poor low credit rating?
SakuraTide
Mon Jan 20 2025
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7
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I want to understand the negative impacts of having a low credit rating. Specifically, what are the two main problems that arise from this situation?
7 answers
Nicola
Wed Jan 22 2025
Having bad credit significantly impacts your ability to access financial resources.
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HanbokGlamourQueen
Wed Jan 22 2025
When your credit score is low, obtaining loans or credit becomes more challenging. Lenders view you as a higher risk, making it difficult to secure the funds you need.
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Sara
Tue Jan 21 2025
The consequences of bad credit also extend to the housing market. It becomes harder to buy or rent a home, as landlords and mortgage providers often conduct credit checks to assess your reliability.
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KatanaBlade
Tue Jan 21 2025
A common misconception is that carrying a balance on your credit card is beneficial. However, this can actually damage your credit score and lead to increased debt.
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ethan_harrison_chef
Tue Jan 21 2025
Purchasing a car can also be problematic with a poor credit history. Auto lenders are less likely to approve your application, or they may charge higher interest rates due to the increased risk.
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