How much can credit cost you? – Final look!

Many consumers are aware that not having a good credit score can be very costly, but do you know how much it can affect you and your wallet? Over the past couple of weeks we have looked at various scenarios that give an insight of exactly how your credit scores can affect you.

 

Meet our fictional characters Edward, Gregory and Andrew.

 Edward Edward has an excellent credit score rating falling in the range of 720-850. Having an excellent credit score, Edward will qualify for some of the best offers and interest rates available.

 

 Frank Gregory has a good credit score rating falling in the range of 690-719. Having a good credit score, Gregory will qualify for lines of credit at decent interest rates.

 

 Paul Andrew has an average credit score rating falling in the range of 630-689. Andrew has been having some trouble with his finances and his credit score has consequently been affected. Andrew out of the three consumers will qualify for lines of credit, but at less desirable interest rates as he is seen as a bigger risk.

 

A Final Look at Yearly Expenses
So how much can bad credit cost you? We did not include credit card payments we previously covered as they are revolving lines of credit and monthly payments can fluctuate as we previously discussed.

Edward
Edward

Frank
Gregory

Paul
Andrew

Home

$849

$890

$1018

Auto

$437.98

$480.27

$522.08

Total monthly expense

$1286.98

$1370.27

$1540.08

Total yearly expense

$15443.76

$16443.24

$18480.96

With an excellent score rating, Edward received the best rates and lowest monthly payments resulting with a lesser amount of yearly expenses out of the three. On the other hand Andrew, with an average credit score rating, received less desirable rates and monthly payments. Andrew pays $3037.20 more yearly than Edward! Imagine what you could do with an extra $3000.

Stop over paying due to high interest and contact MSI Credit Solutions for a free, no obligation consultation. We offer reliable credit repair services that can help increase your credit scores. This results with opportunities for better interest rates, eliminates limiting your buying potential and provides the best money saving options.

 

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MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.

 *The information in this article has been provided strictly for educational purposes.

 

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