Here's how your credit score affects your total repayment on A 36-month, $25,000 auto loan:
Mortgage with Bad Credit
Here's how your credit score affects your total repayment on a 30 year, $300,000 mortgage:
On a $300,000 MORTGAGE with a 30-year term and a credit score below 550 (APR and other conditions estimated), you are looking to pay over $100,000 more than someone with a 750+ credit score over the 30 years. Scary stuff!
These two scenarios paint a crystal clear picture - it's not just about gaining financial credibility in our increasingly digital world, it's about taking the necessary steps to avoid wasting thousands (possibly hundreds of thousands) of dollars in high interest rates!