well.. a little bit
A bad debt can affect your chances of getting a major loan such as a house loan. Bad debts lower personal credit ratings and banks are opt to reject loan applications because of this.
If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you already have a home mortgage, having bad credit will not affect it. If you have bad credit and go to get a mortgage, you run a risk of being denied a loan until bad debts are taken care of and even then you may have a higher rate.
It could affect you negatively.
J1 visa and the bad credit
not if you make your payments like you should a cosigner is only called upon if you default on your loan
Check out this article about getting a motgage with bad credit... http://www.finweb.com/mortgage/need-a-mortgage-but-have-bad-credit.html You can learn more about getting a mortgage with bad credit, by visiting www.fha.gov, www.hud.gov, and www.mortgageloansbadcredit.com.
Bad debt can affect your credit score which would impact getting a loan, purchasing a home, or getting some jobs. It can impact your long term financial stability by inhibiting someone from saving money for future expenses.
Yes.
no it does not affect your children's credit rating. credit score is based on how an individual uses credit, not on how other people uses credit. what possibly may happen is children may learn thier parent's bad credit habits. if a consumer needs a co-signer (parent) then if the parent has a bad credit rating that will affect the loan
no
Bad credit will affect your APR on any new loan. Most banks use a tiered credit system to determine APR.