4/30/2023 0 Comments Credit sweep![]() Even if you are approved, “you’re going to get worse terms for financing that you can get and lower credit limits,” he adds. You might be denied a loan or a credit card altogether if you have bad credit, says Nathan Grant, senior credit industry analyst at Credit Card Insider. Some employers check your credit score during the hiring process, and landlords use your credit score to determine if you’re eligible to rent. ![]() ” Bad credit can even affect employment and housing, Weaver adds. You’re going to end up paying a higher interest rate,” says Jessica Weaver, CFP, CDFA, CFS, and author of “Confessions of a Money Queen. “Any time you’re applying for a mortgage, a car loan, any lease, it’s going to affect your payment. Having a bad credit score can affect your life in many ways. Here’s what you need to know about how long it’ll take to repair your credit, and the steps you can take to start right now. While you can’t repair your credit overnight, you’ll see your score rise over time if you work to pay off debt and make your payments on-time. The time it will take to get a good credit score will depend on where you’re starting from, what kind of negative information exists on your credit report, and how quickly you’re able to pay off debt. But the flip side is also true - responsible payment behavior will cause your credit score to rise again. If you’ve made a lot of mistakes, like failing to make on-time payments or racking up debt, your score will reflect that. Your credit score is like a financial report card that tells lenders how reliable you are when it comes to paying your bills. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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