|
|
|
How Much Can a Poor Credit Score Cost You?
Your lender will set your interest rate based on your credit score. This table shows you how much more you can pay in interest over the life of the loan if you have a poor credit score.
| FICO Score |
APR |
Monthly Pmt |
Total Int. Paid |
|
|
|
|
| 720-850 |
5.472% |
$ 849 |
$155,658 |
| 700-719 |
5.597% |
$ 861 |
$178,354 |
| 675-699 |
6.132% |
$ 912 |
$219,365 |
| 620-674 |
7.277% |
$1,026 |
$219,370 |
| 560-619 |
8.609% |
$1,165 |
$269,392 |
| 500-559 |
9.522% |
$1,264 |
$304,982 |
The difference between the high score group, 720-850 and the low score group 500-559 is 4.05% or $415 in monthly payments. The low score borrower will pay $415 a month more in interest for a total, over the life of the loan, of $149, 324
Talk to your lender about ways to clean up your credit!
|
