Cause and Effect Essay

Topics: Credit history, Credit card, Credit score Pages: 2 (637 words) Published: August 23, 2010
Bad Credit 1

The Consequences of Having Bad Credit
Andrea Ospina
University of Phoenix
COMM /105 Introduction to Effective Written Communication
Suzanne Green, Ph. D.
August 22, 207

Bad Credit 2
The Consequences of Having Bad Credit
Having a bad credit is the result of numerous mistakes. Late payments and spending more money than you have can contribute to lower your credit score. When you irresponsibly start getting all the credit cards they offer you, and start swiping them in every store there is, you never image the consequences that this actions will have in your life. The result of bad credit can be worst then what you think. It can actually deprave you from of a lot of privileges and opportunities in every aspect of your life. The cost of having bad credit is really high, no only your car insurance will go up, since most of the reliable insurance agencies will give you a quote based on your credit score. Getting a loan to get that knew car that you always wanted will be extremely expensive, due to your low credit score your inters rate will be really high making impossible for you to pay it off. Interest rates for individuals with bad credit are usually double or triple than they are for a person with good credit. . Since you can not get a new car, you need to fix the one you have, and there is when more problems arise. You have no cash to pay for the repair and not credit cards available. All of the sudden you discover that there are credit card’s companies for those with bad credit. Since you need the money urgently, you will immediately get the credit card without even checking the possible hidden charges that this company will have. Months, later you receive your statement with numerous charges; a ninety five dollars annual fee, a one time fee of forty eight dollars, and a monthly fee of seven dollars. All...
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