How Much Does Poor Credit Cost You? You probably have heard many times that it is much better for you to have a good credit history than a poor one. But what does it mean for you in dollars and cents? When you are applying for a loan, a difference of a percentage point [...]
How Much Does Poor Credit Cost You?
You probably have heard many times that it is much better for you to have a good credit history than a poor one. But what does it mean for you in dollars and cents? When you are applying for a loan, a difference of a percentage point or two may not seem like too much, but in order for you to assess the cost, you need to know how much that additional point or more is going to cost you in higher payments over the life of the loan. Here are some examples to help you visualize the high cost of bad credit.
Total Cost of a $150,000 Mortgage Over 30 Years
Interest Paid on a $25,000 Auto Loan Over 60 Months
You know that your credit history is used when lenders evaluate you for a loan, but insurance companies also use it when determining your insurance premiums.
So, not only does bad credit prevent you from being approved for loans and credit cards, it also impacts your monthly bills and makes daily living more expensive. If you are in the fair or poor credit group with a FICO score of 649 or lower, you owe it to yourself to fix your credit. Pay your bills on time and contact 1st Rate Financial at 866-621-4146 or visit us at www.1stratecredfinancial.com.
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