# What is the cost of poor credit? Higher than you’d think.

Nov 21

Written By [Guest User](https://blog.growcredit.com/?author=65775368b72aed2a23a229f3)

Having no or poor credit can get _really_ expensive. Without a good credit score, you can run into unexpected hurdles. Your credit may impact your ability to access:

- Credit cards
- Student loan refinancing
- Job offers
- Apartment rentals
- Affordable mortgages
- Affordable auto insurance rates
- Household appliances

Take the following examples of the price of a refrigerator and a $10,000 car loan:

Those with the lowest credit scores spend _nearly $3,000 more_ in interest on average to purchase a $10,000 used car. This is equivalent to a $1.40/hour raise. ( _Source:_ [_“What is the Cost of Poor Credit?”_](https://www.urban.org/research/publication/what-cost-poor-credit) _Diana Elliott, Urban Institute, and Ricki Granetz Lowitz, Working Credit NFP_)

The difference is much bigger when you consider the impact a credit score can have on a $250,000 mortgage:

Source: [American Financing](https://www.americanfinancing.net/saving-money/credit-score-to-buy-a-house)

The credit system can be confusing, to say the least. Once you get down to the basics, it gets much easier to figure out what you have to do to get on top of your credit. (For a crash course on credit, check out our article, [Grow & Learn: Credit 101](https://blog.growcredit.com/blog/grow-and-learn).)