Credit Score Affects New purchase -BIG Way
The increase in Credit card misuse has made Federal Govt to take strict measure on the individual's next purchase. So Credit Score was introduced to prevent money lenders to lend money for "Bad Creditors".
In many a case, the lender may reject sanctioning a loan to such people or if his case is genuine & now he is worthy enough to pay, then lender will ask high premium with high interest rate.
For an average American, this is a bigger burden & so most of the time they will be rejected on availing a loan.. Thats why purchasing a "LOAN" for a car is very tough for an individual with bad credit score.
You have to consider the risk the lender is taking too. Isn't it???
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