What if I told you there’s a potential $100,000 smackaroos in it for you for just sticking with me for another three minutes?
Here’s how: Clean up your credit score.
Seriously, I’m not going to harp on about how stellar credit means paying less interest on loans, qualifying for lower insurance premiums, and sailing through things like landlord and employment background checks. You know that already.
Instead, I’m going to let cold hard cash do the talking.
The table below illustrates the difference between what someone with a good credit score (e.g. 720 and above using the FICO scoring system) and someone with poor credit (less than 620) pays over the course of 30 years on a $150,000 mortgage. See for yourself:
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April 22nd, 2010 at 7:12 am
This is exactly the type of information that should be easily accesible by potential consumers. They might not understand how interest rates and mortgages work, but they will understand the difference between $100,000 over 30 years. I teach high school students about credit, credit cards, and credit scores and I use this exact same graphic to illustrate to students how important it is to have a great credit score!
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