How Much Savings Can a Higher Credit Score Unlock?

January 17, 2020
Even a fair credit score costs you money: A buyer with a fair score pays $41.4K more than a good score over 30 years – and all other forms of credit cost more too.

NEW YORK – A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new study from LendingTree that compares very good credit scores to fair ones. A fair credit score is considered to be one in the range of 580 to 669, while a very good credit score ranges from 740 to 799.

The average borrower with a fair credit score will pay about $261,076 in total interest over the lifetime of their mortgage. On the other hand, a borrower with a very good score will pay $219,660 – a $41,416 difference.

When LendingTree broke down the most common type of debts – credit cards, student loans, auto and more – mortgages occupied the highest in interest paid by a borrower by far.

LendingTree says that raising a credit score actually isn’t that difficult to do. A consumer can notice changes quickly too – even “substantial changes in a matter of days or weeks for things like paying down credit or debt,” researchers note. “Those who plan to take out a mortgage or other loan type should refrain from opening new credit accounts, as credit checks and young accounts can lower your credit rating.”

Credit monitoring can help identify what is having the biggest impact on your credit. Also, other steps to help improve a credit score:

  • Pay bills on time
  • Keep balances low or, better yet, payoff credit card debt completely
  • Don’t close unused cards
  • Keep your debt-to-income ratio low

Source: “Raising a ‘Fair’ Credit Score to ‘Very Good’ Could Save Over $56,000,” LendingTree (Jan. 7, 2020)

© Copyright 2020 INFORMATION INC., Bethesda, MD

It’s Just Another Day in Celebration~Ville!

January 3, 2020

Click the link below to see that latest things going on in Celebration!

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Everything you need to know about Self Storage in the Orlando area

December 18, 2019

Are you moving? Downsizing? Needing to Reorganize?

Self Storage units can be your answer!

Click the link below to learn everything you need to know about Self Storage in the Orlando area.

Just Another Day in Celebration~Ville!

December 18, 2019

Click the link below to see the latest things happening in Celebration:

It’s Just Another Day in Celebration~Ville!

December 12, 2019

Click the link below to see the latest happenings in Celebration Florida!

Snowbirds can be taxed as Florida Residents

November 27, 2019

Are you a Snowbird???

Is Florida your 2nd Home???

Click the link below to learn ways to be taxed as a Florida Resident!!

Unicorp Lands Loan for New Development near Disney

November 23, 2019

Orlando based Unicorp National Developments, Inc. – one of Central Florida’s most active developers – will move forward with a retail project near Walt Disney World after finalizing a construction loan around Oct. 18th.

Here’s more information:

The project name is Celebration West and will be located near World Drive and Interstate 4.
Possible tenants: Dave & Busters, a large regional supermarket chain, Dunkin’ Donuts, Walgreens and Burger King.