Three Ways a Higher Credit Score Can Save You Money
Want to know how a higher credit score can save you money?
Most people have heard about the importance of building a healthy credit score, but surprisingly few know what it’s all about, let alone what it takes to raise it. This article will explain how to increase your credit score in a nutshell and three significant ways it helps millions of Americans save money.
Your credit score can be raised if you follow the following tips:
Now, here are three ways a higher credit score can save you money:
#1: It Can Get You Better Mortgage Deals.
Your home will be one of the most significant purchases you’ll ever make in your life. And if you have a high credit score, you can stand to save up to $100,000 or more on your home.
You pre-qualified for a $400,000 fixed home loan for over 30 years. At a credit score of 620, you’re likely to get an interest rate of about 5%, which over 30 years will make you pay almost another $400,000 in interest alone.
But with a high credit score of 780, you can qualify for a rate as low as 3.5%, which over 30 years will only amount to roughly $300,000 in interest. That’s savings of around $100,000.
It’s best to start bringing your credit score up as early as possible to get the best rate and save thousands of dollars when you’re finally ready to get a home loan.
#2: Better Rates for Student Loans
Likewise, your credit score can dictate how much money you can save when paying for student loans. Rates vary widely between lending companies, but here’s an idea: On a 10-year fixed rate deal, the rate can be as low as 4.7% or as high as 6.5% per year. Moreover, most companies that provide student loans have a minimum required score from applicants. To be safe, keep your credit score at 725 or higher.
#3: Better Rates for Credit Cards
Again, your credit card interest rate will vary between companies – generally between 10% and 23%. You can more easily negotiate a higher credit limit and a lower interest rate if you have a high credit score. And when the unthinkable happens, and you can’t pay off your outstanding balance, a low-interest rate will help you pay it off in less time and with less money.
Build Your Credit Score Now.
Building a healthy credit score is one of the most critical financial efforts you’ll ever make. The sooner you build it, the more money you’ll save in the long run – quite possibly in the hundreds of thousands of dollars or even more.
For assistance with credit repair or for a free financial consultation, contact Credit Repair Enforcers today at (954) 358-9586.
Get the benefits and experience of a firm that concentrates on helping people with credit problems without paying huge setup fees. Credit Repair Enforcers has successfully removed erroneous, unverifiable, outdated, and inaccurate information from our client’s three credit reports for over 20+ years. We assist with all things credit repair and credit building. We have helped people who need assistance with personal, business, and corporate credit repair and credit building. Credit Repair Enforcers fight for your credit rights!
Credit Repair Enforcers fight for your credit rights!