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A Lower Credit Score Can Cost You A Lot of Money!

[dropcap]M[/dropcap]oney doesn’t grow on trees, so it’s important to have a good credit score. A low credit score hurts your ability to get loans and if approved, your going to pay a higher interest rates! Credit scores are also used for insurance rates, renting and even employment.

A poor credit score can cost you hundreds of thousands of dollars over your life. Enter in your estimated FICO score and a loan amount below to see how much a poor FICO score can cost you on your mortgage or any other loan. If you are a home owner or looking to buy, raising your FICO score is the most important thing for you to do. A better score not only means lower payments, but it can mean a bigger house, the chance to take out more money on a refinance, or even the difference between being able to buy.

Your Credit Score Affects

  • Homeowner’s Insurance
  • Car Insurance Payments
  • Car Loan Payments
  • Personal Loans
  • Mortgage Refinance
  • Job Opportunities

Comparison: Prime  vs. Subprime Loan Costs

 

FICOTermPrincipleInterest RatePaymentTotal PaidGood Credit Saves You
Average Auto Loan
740-8506030,0001.99%525.7031,542.09
680-7396030,0004.79%563.2633,795.312,253.22
620-6806030,0009.99%637.2638,235.826,693.73
580-6196030,00015.99%729.3843,762.9412,220.85
<6186030,00023.99%862.8651,771.8920,229.80
Best rates as of November 2012

 

FICOTermPrincipleInterest RatePaymentTotal PaidGood Credit Saves You
Average Home Loan SD County, 30-yr fixed
760-850360350,0003.016%1,478.64532,308.98
700-759360350,0003.248%1,522.84548,221.6615,912.69
680-699360350,0003.433%1,558.60561,094.4428,785.46
660-679360350,0003.656%1,602.29576,825.3444,516.36
640-659360350,0004.105%1,692.21609,195.4776,886.49
620-639360350,0004.675%1,809.98651,591.66119,282.69
< 619360350,0009.900%3,045.671,096,440.60564,131.63

 How much is your credit costing you?

 

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