Everyone wants a good credit score to help obtain automobile financing, credit cards and of course home financing. What not everyone realizes is that improving your credit score can save hundreds, even thousands, in everyday living expenses.

Did you know that your credit score history can keep you from getting utility connections, good telephone rates, the best auto insurance, home owner's insurance or even keep you from getting hired?

Our partners at Cornerstone Restoration have helped thousands of Americans restore their credit by removing inaccurate, misleading, obsolete, incomplete or unverifiable items from all three major credit bureaus.

From bankruptcies, foreclosures, tax liens, medical bills, late payments to charge offs, they've legally and ethically challenged and deleted such items with ease.  

If you feel your FICO scores need a boost take the next step and give Jason a call for a Free Consultation and program options.  Call Now (314) 787-3138
 

 

Poor credit is expensive.

A low credit score on a home mortgage can cost hundreds of "points" in interest penalties alone.

For example, say you have an outstanding mortgage of $150,000 - the chart below shows what bad credit means for your interest rates and the ultimate cost of your home equity acquisition. A low credit score can literally double the cost of your home!

Over the Course of a 30-year Fixed-Rate Home Loan, whether New Mortgage or Refinance, a High Credit Rating can Save You Tens of Thousands of Dollars on Interest Payments Alone - often Hundreds of Dollars per Month!

 

Bad Credit - Auto Loans and Vehicle Financing

Assume you have an outstanding car loan for $15,000. Quick math illustrates the cost of a low credit score. Bad credit can cost you thousands of dollars even on an auto loan!

Automotive Vehicle Loans: Thousands of Dollars can be Saved if you Move from a Low or Bad Credit Rating to a High or Great FICO Credit Score when obtaining your loan

 

Bad Credit - Credit Card Interest and Monthly Payments

Let's assume you are carrying $8,000 in credit card debt. Additionally, let's assume that you budget $175/month to service this debt. Below are the results of bad credit, average credit, and excellent credit scores on your payment "sundown" and amounts.

As shown, a consumer with bad credit will pay more with higher interest rates, and at a high APR, consumers with bad credit can make minimum payments and yet remain in debt for decades. Bad credit means higher interest rates, period.

Credit Card Interest Rates Use a Fairly New Set of Rules and a Risk Model that Means a Low Credit Score Equals Higher Interest Rates and APR that goes through the roof


Examples like those above illustrate the hidden costs of attempting a major purchase with bad credit. Even one percent in higher interest rates can cost you tens or hundreds of thousands more in interest payments alone.

Optimizing your credit profile by disputing inaccurate report data, especially before making a major purchase, is extremely important to help you get the financing you deserve. 

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