A Bad Credit Score Could Cost You Thousands

Bad Credit Score - July 29 2009, 12:23 PM

Find out How A Bad Credit Score Could Cost You Thousands

Most people know that having a bad credit score has a huge impact on whether or not they'll be able to secure a car loan or a mortgage.

But did you know that the score can also affects your employment, insurance, utilities, rental prospects and even your relationships?

According to myFICO, someone with a credit score of 720 could take out a $200,000 30-year fixed rate mortgage at 6.179%.

Over the life of the mortgage, they'll pay about $240,000 in interest.

Someone with a 650 credit score would get the same mortgage at 7.992% and pay about $328,000 in interest -- almost $100,000 more!

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Even a small difference in interest on a car loan can cost you more than $1,000 in extra interest.

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