Having Good Credit Saves Me How Much A Year?

MORTGAGE PAYMENTS

First, what is considered a bad or challenged credit score?  That would be anything below 640.  Using industry averages, your monthly payment on a $200,00 home loan  would be $1136.  Excellent credit (750+) pays just $955, saving $185 a month.  That's a yearly savings of $2220

 

AUTO LOANS

Shopping for a new vehicle?  On a $30,000 car purchase,  a buyer with challenged credit would be looking at a monthly payment of $601, versus $525 with an excellent score.  That's a monthly savings of $76 and an annual savings of $912.

 

HOME & AUTO INSURANCE RATES

There are similar savings regarding insurance.  Taking both home and auto rates into consideration, with a poor score your combined monthly total would be $196.  With an excellent score, your rates would drop to a total of $125.  Putting $71 dollars back into your wallet monthly and saving you $852 a year

Combined yearly savings for mortgage, auto and insurance rates would add up to $3981 a year!  That's a nice chunk of change we're sure you could find a better use for!



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