Your credit score has a lot of impact on your life than you think. Bad credit affects millions of people in the world. There is a lot more to having good credit than just paying all of your bills on time. Worse than paying late is not paying at all. If you have a bad credit score, you’re not alone.

There are many other factors that go into a credit rating. If your account has been sent to debt collectors in the past, it will show up on your credit history. If you file for bankruptcy, your credit score will suffer. Seek legal help to consider other options. Avoid bankruptcy if you can. Spending up to your credit limit entirely can also damage your credit score.

Your credit history matters. Try to keep those older cards open for as long as possible. While it’s important to know what causes bad credit, it’s equally important to know how bad credit directly and negatively affect your life. These are six ways your bad credit history can hurt you.

1. Little or funds for your new business

Most entrepreneurs bootstrap their new businesses. But at some point when you have to scale and grow the business, you will need cash infusion. Every financial institution you approach will dig into your financial past to know if you are eligible for monetary assistance.

You may not even qualify for a business credit card to streamline your payment processes id your credit score is below average. It can be incredibly frustrating when you are constantly refused assistance because of your credit score.

2. Bad credit reduces your access to money

Everyone needs money for the basic needs of life and living it. The ugly truth is that bad credit reduces your access to money, which makes you more vulnerable during emergencies. If you end up unexpectedly needing money to pay off a medical emergency or to help out a family member in need your options may be limited. Start fixing your bad credit history today.

3. Strain on your personal relationship

Most partners who are starting life need access to loan facilities to begin a smooth transition into marriage. Unfortunately a bad credit score can affect your application for loans or mortgage. You may end up paying higher down payments.

Even if you are considered for a loan, lenders may require a higher down payment from higher credit risks — which can be challenging if you are both low on funds.

Related: Bad Credit Isn’t Permanent: 5 Things You Can do to Improve Your Credit Score

4. Higher interest rates on borrowed money

If you are able to successfully apply for credit with a bad credit score, you can definitely expect to pay higher than average interest rates. Lenders consider you a “higher credit risk” and charge a premium to lend money. You will most likely be paying hundreds, thousands, or even tens of thousands of dollars onto a loan!

5. Security deposits on utilities

According to the expert team at La Title Loan, a California Loan Company “A credit check is part of the application process when you set up utilities such as phone, cable, and electricity. If you have bad credit, you can still get service, but you may need to pay a security deposit prior to establishing utilities in your name.

You may think you’re in the clear if you have always paid your utility bills on time, but the company may still require a deposit as a result of your less-than-perfect credit.”

6. Reduced disposable income

Most people with bad credit scores end up paying debts with their monthly incomes. If you owe hundreds of thousands of money, you will be busy each year paying off old debts and maxing out credit cards. This puts a lot of pressure on you every month.

You will have to give up on a lot of things you will need to live comfortably. Bad credit steals the enjoyment from life. Bad credit is costly. It keeps you from enjoying life and it enslaves you to a debt cycle from which is can feel difficult to break free.