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How much difference do a few percentage points really make? How much money could my credit save me?
Posted by nnorling39
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The answer to this question varies by individual, but over the lifetime of a consumer, one could potentially save tens of thousands or even hundreds of thousands of dollars!

As an example, on a 30-year home loan of $225,000, a good credit rating could help you qualify for an interest rate of, let's say, 6.465% and a monthly payment of $1,417 with total interest paid of $285,000. A lower credit rating could result in an interest rate of 8.452% and a monthly payment of $1,722 with total interest paid of $395.067. In this example, good credit could help you save more than $110,000 over the life of the loan. Lower interest rates on car loans can also add up to incredible savings, as can lower rates on credit cards, and other forms of credit. The bottom line: A good credit history and credit score can help you save a lot of money!

Fri Jan 12, 2007 12:37:28 PM

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