Client Testimonials
I just want to thank you for all your hard work. I was very skeptical at first having never heard of someone who would help clear up one's credit file. After being turned down for a home loan I filed for my credit report to see what all was on it. To my dismay there wer...
Q & A - Questions and Answers
Cost of Having Bad Credit
Example 1 - Automobile Financing
We know that bad credit is costing you! How much depends on the individual. Let's look at the information included here and maybe it will give you an idea of the answer to that question for your particular circumstance. The economical cost of Legacy Legal Services is a great investment in your future. Compare the figures and you will see that having Legacy Legal Services working on your behalf increasing your credit scores and restoring your good credit can save you hundreds if not thousands of dollars of interest.
If you are making payments on a car, you are probably paying between $4,000 and $8,000 more in interest just for having bad credit. This added interest shows up every month in a higher payment. Take a look:
$30,000 car paid over five years:
| Credit Status | Rate | Payment | Cost of Bad Credit |
|---|---|---|---|
| Excellent | 5% | $566.14 | $0.00 |
| Mildly Damaged | 8% | $608.29 | $2529.00 |
| Damaged | 12% | $667.33 | $6071.40 |
Example 2: Home Mortgage
Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $95,000 and $180,000 more in interest if you are buying the home with bad credit, as indicated below.
$180,000 home paid over 30 years:
| Credit Status | Rate | Payment | Cost of Bad Credit |
|---|---|---|---|
| Excellent | 5.5% | $1022.02 | $0.00|
| Mildly Damaged | 8.5% | $1384.04 | $130,327.20 |
| Damaged | 10.75% | $1,680.27 | $236,970.00 |
Example 3: Credit Cards
With having bad credit you will probably only be able to obtain a secured credit card. Secured credit cards require a significant amount of money up front. Not to mention outrageous interest rates that will put you in a debt situation that is almost impossible to recover from.
As we stated before bad credit is costing you!
The economical cost of Legacy Legal Services is a great investment in your future. Compare the figures and you will see that having our firm working on your behalf increasing your credit scores and restoring your good credit can be one of the best steps you have ever taken in creating positive change in your life.
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