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Here are some examples from actual situations to illustrate
the importance of repairing a poor credit score.
- Someone applying for a $200,000 mortgage with bad credit likely can’t qualify for regular rates and may only qualify for rates much higher (6%) than the current average rate.
- On a car loan of $25,000, a person with a bad score is not offered lower interest rates and instead is only offered a loan at 15% over 60 months. This loan will cost nearly $35,700 over the life of the loan for a $25,000 car.
- Home and auto insurance cost an average of $5,300 per year.
- On a $200,000 mortgage, a person with good credit could be eligible for an interest rate of 4% or lower.
- The same car loan of $25,000 at 3% over 60 months will only cost $26,900 over the life of the loan.
- Insurance on the same car and home as quoted above will cost an average of $3,800 per year.
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