I wanted to follow-up my last article "How You Can Repair Your Credit In 45 Days" with an illustration to show everyone what the differences are in a monthly mortgage payment for a borrower with a 675 credit score, would a small investment in "credit repair" benefit this individual especially if it would take less than 45 days, you be the judge? Based on a 30-year fixed fate with a loan balance of $300,000 the monthly payments are as follows: Credit ScoreRate Monthly PaymentTotal $ after 3o Years 675 5.
082 $1626$585,360 No Credit Repair 681 4.
868 $1586$570,960 45 Day Repair 7014.
691 $1554$559,440 The average increase in score is 40 points in just 45 days; lets say this borrower only was able to get a measly 6-point increase.
Well, that measly 6-point increase just saved them $14,400.
Now lets look at if their score went up just 26 points, this would have saved the borrower oh, about $25,920...
and your verdict is? Please, do yourself a favor and make sure your credit score is as high as it should or could be, you don't want to lose money because of it especially if it can be done in such a short amount of time.
Most people today don't even know their own credit score! The average credit score in the U.
S.
is 692, what is yours? Remember, it is up to you...
Start Living Your Dream!