Bad Credit Resource Center

A few points on a credit score can mean the difference between a lender offering you a prime interest rate reserved for the best credit risks or a higher interest rate offered to less than prime customers.  This may amount to only a few percentage points in loan rates, but this can make a huge impact over the loan life, especially on a large purchase.  For example, a few percentage points difference on a long-term fixed-rate loan can mean tens of thousands of dollars saved or overspent. 

It’s in your best interest to raise your credit score by every point you can and to hunt for the very lowest interest rate loans you can. After all, if you have larger payments each month due to a higher interest rate, it means more money out of your pocket.  Also, you’ll qualify for fewer loans if you have higher-than-needed interest rates because you’ll have less money to make additional monthly payments.

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