You Save Money When You Increase Your Credit Score

Creditors use your credit score to decide if they want to lend you money and what interest rate they will charge you. People with higher credit scores get lower interest rates for their loans, and lower interest rates mean big savings. Let’s suppose that Jennifer has a credit score of 625. She can probably get a mortgage with this credit score, but she will have a higher interest rate. If Jennifer’s interest rate on a $100,000 mortgage is 5.62%, she will pay $575 a month and she will pay a total of more than $207,000 for her mortgage. If Jennifer...

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