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No Credit? Low Credit? Here's What It's Really Costing You

Updated: Aug 13

Discover how having no credit or low credit can cost you more than you think. Learn how to check your score and start building credit with affordable tools and expert support from Nygaard Credit Solutions.



No Credit? Low Credit? Here's What It's Really Costing You


Why Credit Scores Matter More Than You Think

When most people hear "credit," they think of loans and credit cards. But your credit score plays a role in way more than just borrowing money. In today’s world, your credit can impact your housing, employment, monthly bills, and even your peace of mind.


Everyday Life Situations Affected by Your Credit Score


  • Car insurance premiums – Low scores = higher rates

  • Renting an apartment or house – Landlords check credit for approvals

  • Utility deposits – No credit? You may have to pay large upfront deposits

  • Phone contracts – You may be required to pay for your phone in full

  • Employment screenings – Some employers use credit checks to assess reliability


The Hidden Cost of Low or No Credit


Having no credit or bad credit isn’t just inconvenient — it’s expensive. Here’s how:


  • Higher interest rates – You’ll pay more for cars, credit cards, or personal loans

  • Denied approvals – Missed chances for mortgages or better apartment options

  • Wasted money – A lower credit score can cost you thousands over time


    Example: A person with a 600 score vs. a 720 score could pay over $10,000 more in interest on a 5-year car loan.


Why Some People Don’t Even Know Their Credit Score


You’re not alone if you’ve never checked your credit report. For many, it’s because:

  • No one taught them how to check it

  • They’re scared of what they’ll find

  • They assume using cash means they don’t need credit

  • They’re confused by all the apps and bureaus



But here's the truth: If you don’t check your credit, errors can go unnoticed. Collections, fraud, and incorrect info could be dragging your score down — without you even knowing.


Here are 3 trsuted ways to ways to track your score and reports:




  • Credit Karma – Good for tracking changes, though data may not be 100% accurate (also add in Exeperian.com for that 3rd score for free)


*Pro tip: Use a mix of these to get the full picture and stay on top of any changes.



What To Do If Your Credit Is Low (or Missing Altogether)


Don't panic. There are real solutions.

Start with these steps:

  1. Dispute errors – Remove outdated or incorrect items hurting your score

  2. Get added to rent reporting tools – Like RentReporters or BoomPay

  3. Use secured credit cards or apps like Kikoff to build positive history

  4. Don’t go it alone – A credit expert can help you fast-track your results



Ready to Take Control? Let’s Do This Together


At Nygaard Credit Solutions, we help everyday people take their credit from confusing to crushing it. Whether you’re just getting started or recovering from past credit damage, our affordable tools, expert support, and one-on-one guidance make the journey doable.


Or explore our $59 Ultimate Bundle to get everything you need in one place. We really are just a click away. Reach one of our Certified Credit Consultants for your credit review (free of charge.)



 
 
 

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"You can have it all at any age, you just have to believe you can do it"

​- Terri Sutherland

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