What Can Good Credit Do For You?

What Can Good Credit Do For You

A $25,000, 5 year auto loan will cost you a total of $27,087 with a monthly payment of $451 if you have excellent credit. The same loan will cost you a total of $37,683 with a monthly payment of $628 with poor credit.

A balance of $2000 on a credit card, with a $50 minimum payment will cost you a total of $2,502 to pay off over 51 months if you have excellent credit. The same credit card will cost you a total of $4,344 to pay off over 87 months with poor credit.

A $220,000, 30 year fixed rate mortgage will cost you a total of $387,302 with a monthly payment of $1076 if you have excellent credit. The same loan will cost you a total of $814,661 with a monthly payment of $2,263 with poor credit.