It can happen to anybody. You’ve decided to make a major purchase and you get the bad kind of surprise. The house you want to buy, the new car you’ve chosen, the credit card you’ve applied for: you aren’t approved. You have bad credit.
You might not have seen it coming, and it might not be your fault at all. Bad credit can happen to anyone. Here are a few ways it can creep up on you.
When you enter Splitsville, money becomes a big issue. Do you know who’s paying all the bills? Is your former BFF racking up the credit cards while you try to pay them off? Whether you’re stuck with payments you can’t make on your own or your ex-partner isn’t doing what they say they are, it can very quickly lead to a bad credit rating.
Bad Credit from Late Payments
You make all your payments, sure. The problem might be that they aren’t submitted by the due date on the bill. If you constantly pay your bills late, it can have a bad effect on your credit score. It doesn’t look good to lenders when you have late payments recorded on your credit bureau.
Illness or Injury
Most people don’t consider how they’d pay bills if they get sick or hurt. When it happens, you focus on getting better, not paying your bills. Soon, there are final notices coming in the mail and your credit score is destroyed.
It can happen to anyone. There are dishonest people out there constantly looking to make an easy buck off your hard work. They might take out a credit card in your name and not make its payments. They could steal your social security number and apply for a bank loan. You could be saddled with thousands of dollars of debt and a bad credit score as a result.
If you have bad credit and need to buy a car, we can help. Jay Wolfe Honda works with lenders who understand that bad credit can happen to good people. We’ll find a solution so you can get behind the wheel of the Honda you’ll love to drive.