What does having bad credit cost?

As little as one late payment can cause an otherwise good report to be denied. We will help legally remove inaccurate, erroneous or obsolete information. 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. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with a low FICO score, as indicated below. As you can see, having a low score can cost you hundreds of dollars per month. That is why it is very important to obtain and keep a high score. 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.