Not exact matches
In this example, the
person with the
credit score between 660 and 679 would
pay $ 1,187.84 per year extra in interest compared to the
person with the
excellent credit score of between 760 and 800.
Meanwhile, the
person with the
credit score between 620 and 639 would
pay $ 3,161.76 per year extra in interest compared to the
person with excellent credit score of 760 and 800.
Since most
people struggling
with debt do not have
excellent credit scores, they'll have to
pay high interest rates and fees which will burn a large percentage of their total cash flow each month..
People with excellent credit scores are generally seen as the ideal borrower because they've proven over a long period of time
with many different accounts that they can
pay back their debt on time and in full.
For example, «Simply by virtue of having different
credit scores, the
person with poor
credit will
pay over $ 68,000 more than the
person with excellent credit.»
For instance, a
person with a low
credit score is considered a higher risk, which means that
person may
pay higher rates than someone
with excellent credit.