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We are all aware that a low credit score will cost you more on a loan or a credit card but very few of us actually take notice of the other insidious effects a credit rating has on our lives.
In a sense, credit ratings have become a new form of class filtering, those with bad credit ratings are placed right at the bottom, below are some of the things which for them will costs more or have a negative effect:
Insurance
Insurers believe that if you have a good credit rating, then you must be carefully, likewise, if you have a bad credit rating, you’re risky and more likely claim, therefore you don’t get offered the cheapest premiums available.
Car loans
As with other loans, the higher the risk you’re, the more interest you’re likely to get charged when you apply for a car loan.
Renting
Some landlords are wary of potential renters who happen to have bad credit ratings, some will ask for a higher deposit or reject the renter altogether.
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