The Cost of a Bad Credit Score
Undergraduate Degree
Cost
Good Credit: $159,633.37
Bad Credit: $208,058.61
Interest Rate
Good Credit: 4.29%
Bad Credit: 10.29%
Bad credit could cost you an additional $48,425.24.
Graduate Degree:
Cost
Good Credit: $45,630.75
Bad Credit: $59,014.57
Interest Rate
Good Credit: 5.84%
Bad Credit: 11.84%
Bad credit could cost you an additional $13,383.82.
Homeowners Insurance
Cost Per Year
Good Credit: $650
Bad Credit: $1,240.50
Bad credit could cost you an additional $590.50.
Car Insurance
Cost Per Year
Good Credit: $1,510
Bad Credit: $2,884.10
Bad credit could cost you an additional $1,374.10.
Apartment
Security Deposit
Bad Credit: $1,006
Bad credit could increase your security deposit by an average of $1,006.
House
Cost
Good Credit: $452,918
Bad Credit: $482,975
Interest Rate
Good Credit: 2.67%
Bad Credit: 3.17%
Bad credit could cost you an additional $30,057.
Car
Cost
Good Credit: $36,496
Bad Credit: $45,816
Interest Rate
Good Credit: 3.35%
Bad Credit: 13%
Bad credit could cost you an additional $9,320.
Credit Card
Cost
Good Credit: $9,815.16
Bad Credit: $14,790.39
Interest Rate
Good Credit: 9.99%
Bad Credit: 22.99%
Bad credit could cost you an additional $4,975.23.
Job
47% of employers run credit checks on their new hires.
1 in 10 unemployed americans have been denied a job due to negative information in their credit reports.
MBA@Syracuse
Sources
http://www.finaid.org/loans/privatestudentloans.phtml
http://www.cbsnews.com/news/bad-credit-can-double-auto-insurance-premiums/
http://nlihc.org/sites/default/files/oor/OOR_2015_FULL.pdf
http://markets.on.nytimes.com/research/markets/rates/rates.asp
http://www.freddiemac.com/pmms/
http://www.foxbusiness.com/features/2012/07/17/more-consumers-with-bad-credit-scoring-car-loans.html
http://www.cnbc.com/2015/09/09/credit-card-debt-is-on-the-rise-.html
http://www.nasdaq.com/article/average-credit-card-interest-rate-increases-to-149-percent-cm458807