Even if you have good credit, relatively small shifts in your credit score can make a big difference in the rates you pay. And, what seems like a small difference in monthly payments adds up over time.
Use this chart to see exactly how much money you could save on a mortgage, a home equity loan and a new car if your FICO credit score was higher.
Figures reflect national average rates for $165,000, 30-year fixed mortgage.
| Credit Score |
Interest Rate |
Monthly Payment
|
Savings earned |
|
760-850
|
6.274%
|
$1,019
|
0
|
|
700-759
|
6.496%
|
$1,042
|
$8,627
|
|
660-699
|
6.780%
|
$1,073
|
$19,788
|
|
620-659
|
7.590%
|
$1,164
|
$52,336
|
|
580-619
|
8.905%
|
$1,316
|
$107,234
|
|
500-579
|
9.899%
|
$1,436
|
$150,192
|
|
|
|
|
|
The savings earned over the life of the loan could vary. The bottomline is that the better your credit score, the more saving you can generate.
Rates as of June 12, 2007, from myFICO.
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