If you have a low credit score, well below the national average of 723 then that low score will cost you plenty over time. Loans will be difficult to obtain, but if approval is given you will pay a higher interest rate than someone with good credit. Think that a low credit score can't hurt you? Well, it not only can it can make your life downright miserable.

The results of our actions are not always evident, particularly right away. Sometimes are mistakes and bad choices don't have immediate poor consequences while other times the negative connotations are felt right away. When it comes to a low credit score the effects are nearly always immediate.

If you have a low credit score you can expect the following to happen in your life:

--You'll be turned down for a mortgage because you are perceived as being too much of a bad risk. On the other hand, if you are approved look for the mortgage company to require that you come up with a bigger down payment and be forced to pay a loan that is as much as 2 points higher than what someone with good credit would pay. Over the course of the loan you could end up paying tens of thousands of dollars more for a home all because of your bad credit.

--You'll be required to put down a bigger deposit for a place that you decide to rent, for the utility bills, for the cell phone, etc. The more risky you look, the more companies will want to reduce their risk by requiring you to come up with more cash up front.

--That prized job you want may slip through your finger tips. Oops, but did you know that many companies run credit reports on candidates whom they are desiring to hire? You could be one brainy computer programmer but if your credit stinks, the company will wonder about your good judgment. If you can't handle your finances, will you be able to handle the job?

Naturally, if you have a low credit score then you must begin working immediately to build it back up. Pay your bills on time, don't apply for new credit, and remedy any errors or hits on your credit reports. In time, perhaps a year or more down the line, you should begin seeing your credit score increase significantly. The result is a better life with less care and worries about it because you did what needed to be done to elevate your credit standing.