9 Reasons You Need Good Credit

2) Buy a House

If you have bad credit you can pretty much say goodbye to a mortgage. But there is always someone out there willing to do it for the right price.

One of the reasons why banks won’t even look at you, if you have bad credit, is because of the problems associated with the country’s last real estate crisis. Lenders were giving loans away to people who they knew couldn’t afford it. This caused so many problems and foreclosures that the banks are now much more cautious than before.

The slightest ding on your report, such as a missed payment, is enough reason to turn you down. If you do somehow find a lender willing to give you a loan, you can expect a much higher interest rate, as well as the need to put more money down prior to purchase.