A Credit Score 560 Can Cost You Thousands.

The term credit is a household term for Americans today, whether we are talking about the global financial crisis, or trying to secure credit through any means, even with a credit score 560.

Yes, many an American cares little about the global financial trauma, when they are losing their jobs, their homes, their life savings, and trying to obtain credit from any source just to put food on the table.

And while we are doing this, we are being made to feel worthless as human beings because we have credit scores that are less than appealing to the average lender.

The fact is, research on American credit is showing that the average American actually is working with a credit score 560.

A credit score of 560 is disheartening for the average American, because you know that this already puts you at a disadvantage when it comes to obtaining credit.

But don’t let this get you down, because 63% of your fellow Americans are in the very same boat.

And a credit score of 560 is not the worst thing in the world when it comes to lenders, this is known as the Cautious range, and so lenders or a credit issuer may simply be a little more cautious in loaning you money.

But that is not to say that you won’t be able to borrow, but if nothing else, use this “Cautious” range as a term of advice to yourself.

Because if you are not informed, lenders will take advantage of your low credit score, and rake you over the coals when it comes to borrowing money.

A Cautious credit score 560 means just that, cautious, and it by no means makes you a lesser human being, but that lenders need to seek alternatives to provide you credit.

Do Your Research Before You Buy Credit

This is one issue that Americans don’t realize. When you obtain credit, you are essentially buying it. How does that make sense?

You are paying fees in interest and annual fees and thus, are purchasing the right to get credit.

Lenders understand this well, and when they see credit score of 560, they kind of like the Cautious element to it because this gives them further fuel to take you for whatever they can.

A cautious credit score only means cautious, and lenders like to see that because you aren’t as much of a risk.

And this still allows them to take complete advantage of you and charge you through the moon for your car, credit car, or home.

Low Scores will Cost You if You aren’t Careful

For example, a credit card with a credit score 560 will likely give you an interest rate over 20%.

Anything over 30% is loan sharking, and is illegal, and if you aren’t aware, 20% is too high.

You’ll also probably get hit with annual fees, and fees every time you cash advance.

And when it comes to cars, you are not going to have any luck with prime rates either.

Lenders will take advantage of this, and by the time you are paying your car off, you could have paid anywhere from $5000 to $10,000 in interest alone.

The situation with homes isn’t any different, and with a Cautious score, depending on the price of your home, your additional charges at the end of the term may range from $50,000 to triple that with a credit score of 560.

All of this is an elaborate scam that serves no purpose but to pad the pockets of the lender, and to keep fuelling the process of the elite to control the disenfranchised.

And because you may have low credit, if you want credit, you will have no choice but to bow to the higher power.

Before you seek credit, do your research thoroughly or you will become part of the chain the fuels the powerhouses.