Savings from a better credit score
‘For your own pocketbook, it’s never too late to improve your credit score. A study by the Consumer Federation of America and Providian Financial says that consumers could collectively save $16.4 billion a year just on credit card finance charges with some minor improvements.
A consumer with an average credit score–about 700 on a scale from 300 to 850–would reduce card finance charges by $76 each year by increasing his score 30 points, the report estimated. High scores bring other savings, too. Consumers with credit scores above 760 will pay, on average, $1,848 less in annual mortgage payments than those with scores below 620, according to Fair Isaac.’
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