Subprime auto loans for used cars can cost more than double compared to those for prime users (9.04% vs 18.97%), meaning a borrower with a credit score in the 500s might pay over $9,000 more for the same car than someone with a score in the 700s (30K loan 5yr).
Similarly, auto insurance costs are also higher; individuals with poor credit pay an average of $188.25 more PER MONTH than those with good credit.

Individuals with bad credit often face high borrowing costs, with interest rates ranging from 32% to 300% for products like payday loans, title loans, and high-interest personal loans. In contrast, those with good credit can access credit cards and personal loans with more favorable rates between 14% and 24%.

Financial stress, as often indicated by poor credit scores, not only exacerbates mental health issues like anxiety and depression but also impacts physical health.

51% of employers include credit or financial checks before hiring.

Bad credit may cause you to be denied or need to pay additional security deposits to access essential utilities like electricity, water, gas, internet, and cell phone services, as providers often check credit scores before starting service.