What does a negative record on a credit report typically affect?

A negative record on a credit report typically affects your ability to qualify for credit. This is because lenders use credit reports to assess the creditworthiness of applicants. A history of missed payments, defaults, or bankruptcies can signal to lenders that a borrower may be a higher risk, leading to difficulties in obtaining loans or credit cards.

Lenders rely on a borrower's credit history to make decisions about approval and terms, including interest rates. Therefore, a poor credit report can result in either being denied credit altogether or being offered credit at much higher interest rates to compensate for the perceived risk. This situation highlights the importance of maintaining a positive credit history to access better financial services and opportunities.

The other options, while related to financial health and opportunities, do not directly correlate with the impact of a negative credit report. For example, savings account interest rates are determined by bank policies and market conditions rather than individual credit reports. Likewise, eligibility for higher education and job opportunities may involve other criteria and considerations that are not directly influenced by credit history.