Today we will take a look at the difference excellent credit makes versus less than perfect credit. Less than perfect credit can still get you approved for specific loans, but at what cost? Excellent credit on the other hand can save you thousands of dollars in as little as a year and ultimately over the lifetime of the loan. Many consumers are unaware of just how much less than perfect credit can cost in the long run.
Meet our fictional characters Eddie, Greg and Andy:
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Eddie 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. |
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Greg 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. |
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Andy 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 Look at Yearly Expenses
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| 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, Eddie received the best rates and lowest monthly payments resulting with the least amount of yearly expenses out of the three. On the other hand Andy, with an average credit score rating, received less desirable rates resulting in higher monthly payments. Andy pays a difference of $3037.20 more in his yearly expenses than Eddie!
What could you do with an extra $3000 a year? Families who have found savings such as these have been able to plan much needed family trips, home remodeling projects, or put the savings into accounts such as college funds.
Would you like to save thousands and stop overpaying due to high interest rates? Contact MSI Credit Solutions for a free, no obligation consultation. We offer reliable credit repair services that can help increase your credit scores.
Our services result with opportunities for:
- Better interest rates and favorable terms
- Expanding your buying potential
- Money saving options
- Chances for higher approvals
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.