How Improving Your Credit Scores Will Save You Money!
Below are examples of the impact credit scores can have on home, auto and credit card rates.
Mortgage Loan Example - 30 year fixed - $300,000
=========================================================================
Credit Score Interest Rate Payment Yearly Savings
551-625 7% $1996
626-699 6.5% $1896 $1200
700-725 5.5% $1703 $3516
726-830 5% $1610 $4632
=========================================================================
Auto Loan Example - 60 Months - $20,000
=========================================================================
551-625 16% $489
626-699 12% $445 $528
700-725 8% $406 $996
726-830 6% $387 $1224
==========================================================================
Credit Card Example - Minimum Payment - $6000 Balance
==========================================================================
551-625 29% $204
626-699 19% $155 $588
700-725 15% $135 $828
726-830 10% $109 $1140
=========================================================================
As you can see, optimizing your credit scores has the potential to save you thousands of dollars over the course of a year, not to mention over the term of the loan. MJL Consulting can provide you with ways to increase your credit scores so you can start saving money.
***This is only theoretical. The statistics above are based on common amortization tables and current industry samples. These figures should not be viewed as anything other than examples.
