Will a low credit score make me pay higher interest rates?
It is true that your interest rates will be higher. The reason is that with higher interest rates whoever finances you will get paid more of their money back within the first year or two of payments. Since with a low score you have proved you may not be reliable for the long term of the entire loan.
You may be able to apply for a new agreement after a couple years that you've proved you can be on time and not miss any payments.
Equifax Credit Report is a trademark of Equifax, Inc. And its affiliated companies. Score Watch is a registered trademark of Equifax, Inc.
And its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act.
Credit history or credit rating. FTC's website on credit.
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