Wow, I was doing some research. I knew that a lower credit score meant you had to pay higher interest rates on loans but I didn't know how much of a difference there was.
Someone with a 550 Credit score pays 9.6% for a 30 yr mortage
Someone with a 720 Credit score would only pay 5.49% for a 30 yr mortgage.
Thats a huge difference. Compound those over 30 years and the person with bad credit could pay 4 times as much $ in the long run.
Low credit scores mean high rate
Threaded Mode
