10/31 A Good Credit Score Saves Money
We have all heard that having a good credit score is important but how does that translate into dollars and cents? Having a good credit score can save you a lot of money over time. The first, most obvious way a good credit score can save you money is on interest rates. Interest rates on car loans, credit cards, and mortgages will be lower for those who have higher scores. Credit scores of 620 or higher can get you an FHA loan. As of October 24, 2010 credit scores for fixed 30 year FHA loans are as low 4.25% the lowest in over 10 years. In addition to loans many insurance companies look at credit scores now. Having a good credit score can save your money with your home and car insurance as well.