Don’t believe us? Let’s look at the numbers. If your credit score is between 780 and the perfect score of 850 you will be paying anywhere between 80 to 85% less in interest than someone with a credit score of 580 to 670. Someone who has a near perfect credit score will pay on average $1,000 less per month on a $250K mortgage. That’s a savings of $360,000 of interest on a 30 year mortgage. If you were renting a 250K home or property, that would be an extra $1,000 a month in profit in your pocket!
Now, let’s look at what you spend on transportation. If you buy a new car every 5-7 years over the same time period as a 30 year mortgage and your average car price is $25,000 for every new car you purchase. With 3.88% interest you’ll save almost $25,000 in interest. This is compared to paying 9.6% with a lower credit score.
What’s shocking is the fact you don’t loose as much money with car buying than with property interest but here is where you are really getting raked over. The amount you’ll save in credit card interest is just as shocking as the interest you’ll save in a low interest rate mortgage. Over a 30 year period a family could save up to $240,000 in interest payments. That’s a grand total of $625,000 when you combine the savings in one mortgage, credit cards and vehicles just in interest alone! If you saved that amount of money in a horrible low yeilding interest investment account of just 3% you would have over $1.2 Million saved up for retirement or investments.
According to Glassdoor.com, the average bachelor’s degree raises a person’s salary by $19,000 per year average over a lifetime compared to a high school or Associates degree in 2020 when adjusted for inflation. That average equals to $570,000 in extra income in 30 years. This doesn’t include the cost of education to receive a bachelor’s degree or the lost amount of investment income.
Let us help you build a perfect score and save you thousands per year in interest.
It takes a bold ask but boosting your credit score by 50 points fast is quite easy. First, you need to find someone with a credit card they have had for over 6 months. The card has to been in good standing without any missed payments. 2nd, they will need to order an additional card in your name. This is called shared credit.
Now, the newly minted credit card doesn’t have to be used by you or the account holder. In fact, the credit card holder doesn’t have to give you the card for you to reap the benefit of the instant credit jump. Since credit scores are upgraded every week, expect to see a bump in your credit score in about 2 weeks.
Keep in mind, the better the credit card, the better the score. Sharing a premium AMEX card can boost your score even above 50 points!
Unfortunately, for some, boosting a credit score by 50 points or so doesn’t help them enough in their credit goals when they have write offs, late payments and other discrepencies on their credit report. When your ready to improve your score by hundreds or if you’re aiming at a Perfect Credit Score, contact us. We have solutions.