Credit-Lit Credit 101 for Teens by Dionne Perry

Author:Dionne Perry [Perry, Dionne]
Language: eng
Format: epub
Tags: Business & Economics, General, education
ISBN: 9781735947006
Google: a-MwzgEACAAJ
Publisher: Instill Publishing
Published: 2021-02-22T23:33:20.657969+00:00

You are the only person who has control of your credit score. You control the credit you apply for and how you repay the loan.

Impact of Negative Credit Score

There is no way around it, having a low credit score is a headache that is extremely difficult to overcome. Negative marks (i.e., late payments, collection) on your credit has the ability to drop your score down 50 points or more per account.

Not only will you need to pay outstanding balances that caused the negative marks (which now probably include multiple late fees, high interest rates, and fines), your low credit score also takes away a lot of your buying options.

When it comes to the type of car you drive, the amount of money banks are willing to lend to you, and even the neighborhood and home you live in; all of these things can be impacted because of a low credit score.

Let’s compare an example of the interest rate on a car for someone with good credit versus a person with a bad score.

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