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As you increase your credit score, you'll qualify for lower interest rates. This means that you pay less to borrow the same amount, resulting in a savings to you.For example, the following chart shows what interest rate and monthly payment you could expect to pay on a $150,000.00 30-year fixed-rate mortgage:

Why Repair your Credit

Have you heard this on TV and Radio ads before? “Good credit, bad credit, no credit no problem, you are automatically approved.” It's easy to think that bad credit is no problem; however, have you ever examined the fine print on those "easy credit" ads? You'll discover that people with bad credit and bankruptcies are paying twice, three times, even four times the amount of interest that a person with good credit pays.

By getting the lowest possible interest rates, you save a substantial amount of money. It is estimated that consumers with compromised credit pay billions in additional costs annually. Lower interest rates, reduced annual fees, when buying a home, car or getting a loan of any kind.

Credit Score and Home Loans

Buying a home is the biggest single investment most people will ever make. Your credit history is one of the several important factors used in determining whether you can get a mortgage or not. One of the details that lenders evaluate when you submit an application for a mortgage is your payment record on things such as credit cards, car loans, rent and related commitments. Below is a chart that will show how poor to great credit will affect your payment on a $150,000 30-year fixed rate mortgage and the interest you will pay.

Credit Score

Interest Rate

Monthly Payment

Total Interest Paid

720-850

5.57%

$858

$158,880

700-719

5.69%

$870

$163,200

675-699

6.23%

$922

$181,920

620-674

7.38%

$1,037

$223,320

560-619

8.53%

$1,157

$266,520

500-559

9.29%

$1,238

$295,680

Your monthly payment can fluctuate by 30 percent, just based upon your credit score alone! More importantly, the total amount of interest paid throughout the term of the loan can fluctuate by as much as 50 percent. In the above example, a borrower with a credit score in the 500-559 range can expect to pay up to $130,000.00 more in interest than a borrower in the 720-850 range over the same 30-year term. Don't be a victim of an inaccurate credit score.

Blemishes on your credit record can have an effect on not only your ability to get a job, but also to lease an apartment or purchase a car. Making numerous requests for credit, paying credit card bills late, and having a great deal of debt could lower your credit score.

Taking Action

79% of all credit reports have errors on them, these errors cost the American people billions of dollars each year. By taking action and fixing those errors on your credit, report can have a long-term impact on your credit future. Unless you pay cash for everything you purchase your credit score does not matter, but not everyone can pay cash for things like a car or a home. The chances that you will use your credit history in the future are greater than getting struck by lightning.

CreditRepair1on1 has affordable plans and customized service for everyone. Today is when you need to take action, Call Toll-free 877.601.8115 or SignUp!

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