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Thursday, September 10, 2009
Dayana Yochim :: Townhall.com Columnist
Clean Up Your Credit and Save $100,000
by Dayana Yochim
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Poll
Will the Dems' health care Christmas Present to America be an improvement or detriment to our health care system?


What if I told you there's a potential $100,000 smackaroos in it for you for just sticking with me for another three minutes?

Here's how: Clean up your credit score.

Seriously, I'm not going to harp on about how stellar credit means paying less interest on loans, qualifying for lower insurance premiums, and sailing through things like landlord and employment background checks. You know that already.

Instead, I'm going to let cold hard cash do the talking.

The table below illustrates the difference between what someone with a good credit score (e.g. 720 and above using the FICO scoring system) and someone with poor credit (less than 620) pays over the course of 30 years on a $150,000 mortgage. See for yourself:

Payment Schedule for a $150,000 30-Year Fixed Mortgage

Credit Score

APR %

Monthly Payments

Total Interest Paid

720-850

5.785

$879

$166,331

700-719

5.910

$891

$170,639

675-699

6.447

$943

$189,437

620-674

7.597

$1,059

$231,169

560-619 Continued...
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About The Author

Dayana Yochim is a consumer finance expert who offers concrete, actionable advice that helps people measurably improve their finances and make every dollar count.

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