It’s safe to say, understanding how credit scoring works can save you over $100,000 in your lifetime.
Don’t believe me?
Let’s say you obtain a $250,000 home loan on a 30 year mortgage. With a 4% fixed mortgage, you will make total payments over 30 years of $429,674 or $1,193.54 a month for 360 months.
If your interest rate was instead 6% due to your credit history, your total payments over 30 years will be $539,596 or $1,499 per month for 360 months. A difference of $109,922!
The savings doesn’t stop. Your credit score is factored into how much you pay for home and auto insurance also...
...And it’s not a few dollars a year difference. You can save hundreds of dollars a year on home and auto insurance by optimizing your credit score.
Other benefits include:
- Other loans, such as auto, will have a lower interest rate. You’ll also have more negotiating power as banks love to deal with clients with a high credit score.
- If you rent, even long-term vacation rentals, it’s easier to do so with good credit history.
- You’ll get better credit card offers and interest rates
- And much more...
Fortunately, improving your credit score is something that's in your control. You just have to know how the "game" works.
That's why I'm excited to announce a Free Guide to help homeowners around Chicagoland raise their credit score, so they can save money on their home and auto insurance.