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A Good FICO Score Can Save You Lots of Money!
By JLP | April 17, 2007
Check out these numbers I found on the MyFICO website:
As the graphic above shows, having a high credit score can save you lots of money in interest expenses. Just for kicks I took their numbers and calculated how much more a bad FICO score can cost over the life of a 30-year mortgage:
A person with the lowest FICO score will pay almost twice as much interest over the life of their mortgage. Ouch! Of course, a person with the lowest FICO score really has no business buying a $200,000 house. Also, there’s also the chance that a person could improve the FICO score and then refinance their mortgage to a lower interest rate.
The point of all this is to keep your FICO score up!