Try as you may, it is next to impossible to come up with any positive aspects of a bad credit rating. Once your credit score plummets below a certain threshold, you almost become an ‘outcast’ for lenders. Whether you approach a bank or a private lender, the chances of your credit application being approved are lowered and the interest you will pay is increased. And this is just the tip of the iceberg. There are several other negative impacts of a bad credit rating that can affect your future.
The Negative Impacts of Bad Credit
Difficulties in finding a job or a new home – It is becoming more common for employers and landlords to check the credit of a prospective person before accepting or rejecting him/her.
Higher interest rates on loans and credit cards – Since you are considered a higher risk by the credit companies, you have to pay more interest. Even insurance premiums can be higher for people with bad credit.
Watchdog creditors – If you have a higher interest rate, creditors may be more persistent in ensuring you pay your bills on time. You may constantly have to look over your shoulder as collectors try to recover the amount you borrowed.
Reduced business opportunities – You may not be able to get credit to start your own business.
Purchasing an asset is also a tricky endeavour – You are less likely to be approved for a home loan or a car loan.
These are the side effects of a bad credit rating. As you can see, it can affect your lifestyle and prospects significantly. So, what can you do about this? The best way to go about it is to improve your credit rating. But is that even possible?
The great news for you is that it is not only possible but also quite simple to improve your credit rating. Clean Credit is a leading credit repair company in Australia. We can analyse your credit report and can quickly determine how it can be improved. After this, we will work hard to enhance your credit rating, allowing you to reach your best possible credit score. Even better, your removal fees are only paid on success. It is a win-win scenario for you.
The Benefits of Credit Repair
With a strong credit rating, you can:
- Get access to a larger number of credit options
- Have a better chance of your loan and credit card applications being approved
- Qualify for personal loans without hassle
- Open up better employment and lifestyle opportunities for yourself
- Start your own business
- Buy an affordable insurance plan
Don’t let your credit score negatively impact on your future. The Australian Government website can show you how to access your credit report. If you discover you are suffering from a case of bad credit, now is the time to get in touch with Clean Credit and turn things around.
Call us on 1300 015 210 or fill out our quick online enquiry form.