Where Bad CreditHurts the Most

Car Insurance

Consumers with bad credit pay between 20 percent and 50 percent more in auto insurance premiums than their good-credit neighbors, says Clarence Smith, who authored an insurance study for Conning.

"It's profiling," says Trish Lynch, a financial specialist with ClearPoint Financial Solutions in Richmond, Va. "Think about it: If you have all these credit issues, a lot of times your mind is not exactly where it should be, like when you're driving."

Next: Car Loans

Car Loans

People with poor credit usually pay an interest rate between 19 percent and 26 percent on a new car purchase, compared with the six percent to seven percent average, says Lynch.

"People don't equate that into dollars and cents," she says. "That can be a difference of $100 to $200 a month on your car payment. It hits the pocketbook kinda heavy."

Next: Job

Job

Today, 70 percent of companies will check credit before they decide to hire a candidate, says Doug Borkowski, a financial counselor for Iowa State University's Financial Counseling Clinic.The fear is that credit problems at home create tension and distraction at work, Lynch says.

"If you are their employee, will you be getting phone calls from collectors at work? Will the employer have to garnish your wages?" she asks.

Next: Housing

Housing

Rental property owners may reject tenant applications with poor credit scores, something only 48 percent of consumers know, according to a CFA (Chartered Financial Analyst) survey.

Next: Utilities

Utilities

Only 30 percent of the Americans that CFA surveyed know that utilities, too, care about credit scores. Even slow credit indications are enough to slap you with a $500 deposit before the telephone company connects your line or the electric company turns on the juice, Lynch says.

Next: Cell Phones

Cell Phones

These providers increasingly rely on credit scores to sort the good risks from the bad credit. Bad credit definitely doesn't get the sweetest deals at Verizon. Instead of contract plans that offer more minutes for your dollar and come with a wider selection of phones, those who do not make the cut must consider pay-as-you-go phones.

Next: Medical Procedures

Elective Medical Procedures

When Lynch looked into laser eye surgery, the doctor immediately pulled her credit score to see if she qualified for his monthly payment plan. Otherwise, the bill is due in full at the counter.

"They're not denying you service, and if it were a mandatory treatment, this would never come up," she says.

Next: School Loans

School Loans

Lynch, has watched families' dreams burst when their scores disqualified them from university and federally funded loans. In this case, it isn't a matter of sucking it up and paying a higher interest rate.

"It's black and white. You get financing or you don't," she says. "Not furthering your education is a far-reaching consequence."

Next: Marriage

Marriage

You can't marry your way out of a bad FICO rating, and a disparity between partners can put too much stress on the marriage, says Brette McWhorter Sember, author of "The Complete Credit Repair Kit." She knows couples who skipped walking down the aisle over it.

"If the owner-spouse dies, the home and mortgage become part of the estate. If the surviving spouse wants to take over the mortgage, he or she needs to qualify for credit," says Sember.

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