Monday, February 5, 2007

Why is my credit score so important?

Lenders carefully consider your credit score because it provides them with an objective measure of your creditworthiness. Your score can be impacted by many factors such as late payments, delinquencies, or high amounts of debt. Lenders may deny your loan or charge you a high interest rate if you have a low score. If you have a good credit history, you may have more options available to you resulting in lower interest rates and big savings.

Lower loan rates can mean thousands of dollars in your pocket over the years. If you purchase a home for $250,000 at 8.3% interest you will pay $679,306 over the course of a 30-year mortgage. At 6.5 % interest, however, you will pay only $568,861---a savings of $110,445.

For more info and to order your credit report with FREE credit score please visit

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Why is my credit score so important? ~ - How's Your Credit? - Blog