Results tagged “interest rate” from Payday Loan Quotes Blog

It's easy to get into debt - just make a few big purchases on credit and make the minimum payments. The higher the interest rate, the faster you go down into the depths of debt, taking your credit score along for the ride. But you can turn it all around -- getting started is as easy as 1-2-3!

1. Pay off or pay down your credit cards several weeks before they're due.
2. Correct any errors in your credit reports - errors are common!
3. Drop your credit card spending down to 10 percent or less of your available credit.

Do you want to save hundreds or thousands of dollars on loans? Your credit score can make a big difference! The amount you pay for a big-ticket item on credit can be quite different for someone with a high score compared with someone with a low score. Consider this: As of August 22, 2007, if you had a FICO score of 760-850, the highest bracket, you'd pay $1832 for a 30-year fixed rate $300,000 mortgage loan at 6.172 percent. But if you had a score of 500-579, the lowest bracket, you'd pay a whopping $2674 for that same mortgage, which would be at 10.188 percent. That's $842 more every month, $10,104 per year! These comparisons demonstrate how costly it is to have a low credit score and how much money a high credit score can save you.
The payoffs don't stop at lower interest rates on loans - with a high credit score you'll get quicker credit approval, reduced deposits required from utility companies, and approval for apartment rentals.