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What!?! $100,000? There must be a catch, right?
Well, you’re right. There’s always a catch when you’re talking big numbers. But that number was what caught my eye in this recent infographic from Quizzle.
When you’re talking a 30 year, $300K mortgage, the cost difference in interest rates you get for the highest and lowest credit scores can really add up – the power of compound interest, but not in your favor if you’re on the low end of the credit spectrum.
Planning on buying a home? Refinancing your existing mortgage?
Plan for success now, and get your free credit report and improve your credit score as much as possible before you start the process.
You check your credit report every year, right? Right? If so, congratulations! Because you’re one of the only 35% of Americans who did.
For the rest of the 65%, make sure you check your credit report every year for errors – identity theft, orphaned credit accounts, etc. Thanks to a federal law, you can get a free credit report every year from AnnualCreditReport.Com. While it won’t include your credit score, it will show you all your information so you can contest any errors.
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Have you saved money by fixing errors on your credit report, or improving your credit score? Leave a comment below and tell us how you did it.
Credit Scores, By The Numbers
Credit report infographic courtesy of Quizzle.com. Photo of credit card and $100 bill courtesy of StockMonkeys.com.