In the RedTHE REAL COST OF A LOW CREDIT SCORE

WHAT IS AMERICA’S CREDIT SCORE SCALE?

Excellent 740-850

Good 680-739

Fair 620-679

Poor 550-619

Bad < 550

HOW MUCH INTEREST WILL A TYPICAL PERSON PAY IN THEIR LIFETIME?

A typical person will likely pay

$279,002 in interest on credit purchases over the course of his or her life.

Based on a 30-year fixed rate loan, and the average price of a home in Florida.

Based on a new car every 7 years using financing.Based on a $170 monthly credit card payment with no new

charges.A 30 year old with poor credit will pay

$250,000 more in interest than one with excellent credit

HOME MORTGAGE

760 3.77%

630 5.36%

On a 30 year fixed rate loan of $300,000, that can translate

to an extra

$102,000 in interest

$1392.75 a month vs. $1677.11

AUTO LOANS

760 3.24%

630 10.68%

580 17.1% On a $20,000-60 month auto loan, that will require an additional $8200 in interest

$361.51

$431.66

$498.13

CREDIT CARDSGood Credit: Discover “It” Card0% intro APR and a permanent 10.99% rateNo fees and 1% cash back on all purchasesBad Credit:First Premier Bank Credit Card36% APR, $300 credit limit, $75 annual fee, $95 one-time processing fee and $6.25 monthly service fee

AUTO AND HOMEOWNERS INSURANCEEven with a stellar driving record, auto policies can cost 20-50% more for customers with poor credit.

Avg. in FL $1991/year

Homeowners with poor credit pay 91% more for their insurance than those with good credit

Avg. in FL $1830/year

RENTAL APARTMENTS AND UTILITIESLandlords will ask potential renters for higher security deposits or deny all together

Utility companies will demand hundreds of dollars in deposits before turning on the water, phone and electricity

Cell service providers require several hundred dollars up front

JOB OPPORTUNITIESJob applicants should expect to have their credit checked

In 2013, one in four job applicants had their credit run, and one in seven were advised that they were denied a job due to poor credit

STARTING A BUSINESSGetting a professional license can be hampered by your credit rating.

The awarding of a small business loan or franchise could be denied by a low credit score.

While 57% of men say that credit scores play into their dating decisions, a staggering 75% of women said they

consider the numerical rating.

A LIFE ALONE