Listed below are a few negative results of bad credit.

#1. Credit or lending denial.
A poor credit rating significantly reduces the chance that an individual will be approved for a credit card or loan. This can affect mortgages, car loans, personal loans or lines of credit.

#2. High rates.
If an individual with damaged credit is approved for a card or loan, it is generally at a very high rate of interest. Lenders view these individuals as "high risk" clients and therefore they charge higher interest to offset that risk. Over the course of a loan this can translate into hundreds or thousands of dollars.

#3. Insurance denial.
Some life insurance companies will turn down individuals with bad credit.

#4. Increased fees and charges.
Lenders often tack on additional fees and charges to bad credit borrowers.

#5. Difficulty obtaining a job.
Some employers will view a copy of an applicant's credit report as part of the screening process. A bad rating would seriously diminish a candidate's chance for receiving the position.

#6. Housing problems.
Individuals who have submitted a rental or leasing application for an apartment, condo, or house will often be subjected to a credit search. Negative results often lead to a rejection of the application.

#7. Anxiety.
Many people who have poor credit are scared of all the potentially harmful consequences. Additionally, there is often a sense of deep guilt and remorse.