What Affects Credit Score | A Complete Guide to Understanding and Optimizing Your Credit Score
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It’s safe to say, understanding how credit scoring works can save you over a hundred thousand dollars over your lifetime. ...
It’s safe to say, understanding how credit scoring works can save you over a hundred thousand dollars over your lifetime.
Don’t believe me?
Let’s say you obtain a $250,000 home loan on a 30 year mortgage. With a 4% fixed mortgage, you will make total payments over 30 years of $429,674 or $1,193.54 a month for 360 months.
If your interest rate was instead 6% due to your credit history, your total payments over 30 years will be $539,596 or $1,499 per month for 360 months. A difference of $109,922!
Do I have your attention now?
The savings doesn't stop. Your credit score is factored into how much you pay for home and auto insurance also...
...And it’s not a few dollars a year difference. You can save hundreds of dollars a year on home and auto insurance by optimizing your credit score.
Other benefits include:
• Other loans, such as auto, will have a lower interest rate. You’ll also have more
negotiating power as banks love to deal with clients with a high credit score.
• If you rent, even long-term vacation rentals, it’s easier to do so with good credit history.
• You’ll get better credit card offers and interest rates
• And much more...
At Weiss Insurance Agencies, our mission is to properly insure homeowners in Illinois and the Midwest, for the best possible price.
Based on our mission, I feel there’s an obligation to provide current and future clients with information to help them improve their credit score, so they can pay less in insurance...
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