While some surveys show that 9 out of 10 consumers are unaware what their credit score is, I’d like to quickly share with you how your credit score could be costing you a fortune (in more ways than you can imagine). We all know a low credit score will make everything in the world of finance more expensive because of higher interests rates from lenders due to being considered a greater credit risk ( i.e. higher interest rates on cars, homes and credit cards). While this may be considered common knowledge by some, it’s truly devastating effects are understood by few. For example, If you purchase a $200,000 home on a 30 year fixed mortgage at 8% interest instead of 6% (because of your credit score); that 2% is going to end up costing you a total of $96, 934.11 over the term of the loan. Now, think about how many extra years you’ll have to work to pay off $96,934.11 because of an extra 2% in interest?
The part few people talk about is all the other areas in life where a low score will increase your cost of living on an annual basis. For example. In addition to paying more for a car, home and credit cards, a low credit score will most likely have you...
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