{"id":66225,"date":"2020-01-22T19:04:43","date_gmt":"2020-01-22T19:04:43","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=66225"},"modified":"2020-01-22T19:04:43","modified_gmt":"2020-01-22T19:04:43","slug":"how-much-savings-can-a-higher-credit-score-unlock","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=66225","title":{"rendered":"How Much Savings Can a Higher Credit Score Unlock?"},"content":{"rendered":"<div class=\"field field--name-field-news-image field--type-entity-reference field--label-hidden field--item\">\n<div>\n<div class=\"field field--name-field-media-image field--type-image field--label-hidden field--item\"><img loading=\"lazy\" src=\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2020-01\/lendingtree_credit_scores_cost.png?h=762d928f&amp;itok=Ub5cmAWF\" alt=\"Interest rates based on credit score\" width=\"1180\" height=\"406\" \/><\/div>\n<\/div>\n<\/div>\n<div class=\"far-byline-social row\">\n<div class=\"col-sm-9 far-social\">Even a fair credit score costs you money: A buyer with a fair score pays $41.4K more than a good score over 30 years \u2013 and all other forms of credit cost more too.<\/div>\n<\/div>\n<div class=\"field field--name-field-body field--type-text-long field--label-hidden field--item\">\n<p>NEW YORK \u2013 A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new study from LendingTree that compares very good credit scores to fair ones. A fair credit score is considered to be one in the range of 580 to 669, while a very good credit score ranges from 740 to 799.<\/p>\n<p>The average borrower with a fair credit score will pay about $261,076 in total interest over the lifetime of their mortgage. On the other hand, a borrower with a very good score will pay $219,660 \u2013 a $41,416 difference.<\/p>\n<p>When LendingTree broke down the most common type of debts \u2013 credit cards, student loans, auto and more \u2013 mortgages occupied the highest in interest paid by a borrower by far.<\/p>\n<p>LendingTree says that raising a credit score actually isn\u2019t that difficult to do. A consumer can notice changes quickly too \u2013 even \u201csubstantial changes in a matter of days or weeks for things like paying down credit or debt,\u201d researchers note. \u201cThose who plan to take out a mortgage or other loan type should refrain from opening new credit accounts, as credit checks and young accounts can lower your credit rating.\u201d<\/p>\n<p>Credit monitoring can help identify what is having the biggest impact on your credit. Also, other steps to help improve a credit score:<\/p>\n<ul>\n<li>Pay bills on time<\/li>\n<li>Keep balances low or, better yet, payoff credit card debt completely<\/li>\n<li>Don\u2019t close unused cards<\/li>\n<li>Keep your debt-to-income ratio low<\/li>\n<\/ul>\n<p>Source: \u201cRaising a \u2018Fair\u2019 Credit Score to \u2018Very Good\u2019 Could Save Over $56,000,\u201d LendingTree (Jan. 7, 2020<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Even a fair credit score costs you money: A buyer with a fair score pays $41.4K more than a good score over 30 years \u2013 and all other forms of credit cost more too. NEW YORK \u2013 A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new [&hellip;]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66225"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66225"}],"version-history":[{"count":1,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66225\/revisions"}],"predecessor-version":[{"id":66226,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/66225\/revisions\/66226"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}