You have no idea how much your credit is costing you.

Most people think that having good credit gets you approved, well, yes that’s true, but what most people don’t know is how much bad credit costs you–every month.

Here’s how much more you’ll pay each month for a home, your car, your credit cards, and more…

Again, I can’t stress this enough – this money is getting thrown away each month…picture walking outside, going to the ATM and taking out money, then stepping up to a trash can and tossing it in (I’m serious, and this should be serious for you).

Let’s talk home loans.

The annual percentage rate (APR) on a mortgage can vary by over 3.5% depending on your credit score. That may not seem like much, but it makes a huge impact on how much you pay over the lifespan of the loan.

To qualify for a decent mortgage, you typically need a credit score of 680 or higher. Here’s how much your payments will differ on a 30-year, fixed-rate $250,000 mortgage, with 10% down, and excellent credit compared to having a 620 score…

740 credit score or above:

APR: 4.125%
Total payment: $1,321

Same situation, but with a 620 score:

APR: 6.6%
Total payment: $1,667

Total cost of bad credit for just your home: $346 more per month…money wasted, every month.

What about renting an apartment?

There are two ways bad credit can hurt you when you apply to rent an apartment.

First, the landlord may deny your application due to your credit. This will depend on both what credit score the landlord will accept and also the credit scores of any other applicants for the apartment. If another applicant has a higher credit score, odds are that the landlord will choose them.

If you are approved, you’ll likely need to pay a larger security deposit. The advertised security deposit is typically on approved credit, meaning you only qualify for that if your credit is good enough. With bad credit, your deposit may be double that amount or the equivalent of another month’s rent.

Credit cards

When it comes to credit cards, bad credit is crazy expensive.

First, if you have below 580, you’ll probably only qualify for a secured credit card.  It still helps build credit, but yeah, no fun.  With secured cards, you pay up front for whatever you plan to use on the card.  You’ll likely need to put up $100 to $200 just to open a secured credit card account.

Where bad credit will really cost you is in the missed opportunities. Many of the best credit cards offer sign-up bonuses worth hundreds of dollars and also earn rewards on all your spending. But you can only take advantage of those offers with good to excellent credit.

Now, let’s say you have bad credit and get approved for a credit card.  How much is this gonna cost you?