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How does bad credit or a low credit score affect my life?

April 26, 2017affect bad credit Credit score life low

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How does bad credit or a low credit score affect my life?

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A. Bad credit costs you money—lots of it. Lenders use a low credit score as an excuse to give you unfavorable terms on your loans, meaning higher interest rates and bigger penalties. The benefits of even a modestly increased credit score are compounded both by savings and reduced penalties, meaning you keep more of your money and increase your spending power.