Maintaining a good credit score is critical to saving money over your lifetime. An excellent credit score will:
- Save you a percentage point of two on your mortgage,
- Allow you to qualify for more loans with better conditions,
- Will affect silly things like whether you can open a cable TV account without a deposit, and
- Can even affect whether you are hired for a job or not.
Just as an example of how much your credit score can save you, consider this scenario:
You buy a house for $200,000. Excellent credit score lands you a loan at 1.5% lower interest rate than someone with an average credit score. Over 30 years, that will save you $48,500 dollars!
You may think you know what your credit score is, but it is constantly changing based on what different agencies are reporting to the credit bureaus. To stay on top of it and make sure the information being reported is accurate, you may want to consider signing up to get FREE monthly credit score reports from Credit Sesame.