Here’s how much increasing your credit score can save you on a mortgage, credit card & more:
It pays to have good credit. In fact, bumping your score from the “fair” range to the “very good” range could save you a whopping $41,000 on your mortgage .
The discrepancy is biggest on mortgages. The average mortgage borrower with a “very good” credit score pays just $219,660 in interest over time. “Fair” score borrowers pay a shocking $261,076. For Americans holding the average debt across all five categories , they could save more than $56,000, or around $316 per month, just by bumping their credit score from the “fair” to “very good” range.
“The idea of managing your credit score can be intimidating and seem like a lot of effort,” she says. “The good news is that it’s not as complicated or opaque as many people fear, and it isn’t remotely comparable to the time, effort and stress it takes to work for a net $56,400.”
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