What is Poor Credit costing you?

With the price of housing and transportation now on the rise, it has become more important than ever to achieve and maintain a healthy credit score. For those with poor credit, increased interest rates may further inflate the cost of living, making even trivial purchases seem difficult. Use the calculator below to see how much poor credit may be costing you:

Numbers like this make it easy to see the financial burden created by poor credit, but the real cost is more difficult to measure. Poor credit affects more than your finances; it can attack your sense of security, and limit your personal freedom.

Two people getting a $200,000 loan for 30 years on the same house could pay very different interest rates. Someone with good credit might qualify for an interest rate of 6% while the less credit worthy borrower might qualify for 7.5%. It doesn't sound like much of a difference, but that 1.5% equals $250 a month - and more than $70,000 over the life of the loan. Based solely on credit scores, a borrower with a low credit score could pay $100,000 more in interest on a 30-year, $250,000 mortgage than someone with a higher score.

Fortunately, the cost of working with MyMagicCredit.com ™ to improve your credit is much easier to quantify.

For less than your monthly cable bill, you can start the fight to improve your credit. When you consider the costs, how can you afford not to improve your credit? Enroll Now.

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