Which of the following are more likely to happen if you have bad credit? Check all that apply.
*being denied a mortgage
*being denied an unsecured credit card
*having to pay higher interest rates on loans
getting a great interest rate on a car loan
having a strategy for dealing with a financial emergency
Which of the following are more likely to happen if you have bad credit? Check all that apply
Share
If you have bad credit, the following are more likely to happen:
1. Being denied a mortgage: Lenders often see bad credit as a sign of risk, making it harder to qualify for a mortgage.
2. Being denied an unsecured credit card: Many credit card companies require a good credit score to approve applications for unsecured cards.
3. Having to pay higher interest rates on loans: If you’re approved for loans with bad credit, lenders typically charge higher interest rates to compensate for the increased risk.
On the other hand:
– Getting a great interest rate on a car loan is unlikely, as bad credit usually means higher rates.
– Having a strategy for dealing with a financial emergency is not directly affected by your credit score; it’s more related to personal financial planning.
If you have more questions or need further assistance, check the extended services page!