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The most important factor that plays a key role while calculating your credit scores is your credit card payments. If you mess up in this place then your credit score will take a hit and because of that you will experience the negative consequences. Since lenders evaluate your creditworthiness based on your credit score, having a bad credit history can make it extremely difficult and impact most of your financial decisions.
What are the side effects of bad credit? Here are some of it
- Difficulty in getting your loan and credit applications approved.
- You find higher interest rates on credit cards and loans.
- You find higher insurance premiums.
- Difficulty in getting business loans.
- Lower credit card limit.
- May find it difficult in getting a credit card.
- Lesser negotiating power for bank interests.
- May not get insurance discounts.
There can be a number of reasons why bad credit can cause problems. You can’t change the past but what you can do is not repeat the same mistake and rectify it. You can seek professional help from CreditMantri and follow their expert guidance to be credit healthy.