High Interest Rates Make it Impossible to Save Money
Many Houstonians share the same challenges while trying to improve credit scores. The common challenge is paying high interest rates on vehicle loans, mortgages and insurance.
What is the Cost of Credit Repair?
Most people are concerned with the cost of credit repair in Houston. This is a valid concern. How much will is cost to fix credit? This is a question people ask when they are interested in improving credit scores.
How Much Are You Currently Spending on Bad Credit?
However, I don’t think most people who are in the process of fixing their credit have done the research to figure out how much bad credit costs.
Improving Credit Scores Will Save Money on More Than Your Mortgage Loan
Most Houstonians realize improving credit scores will provide significant savings on a mortgage loan. I decided to research how much Houstonian’s would save on everyday purchases such as vehicle loans and insurance rates by improving credit scores.
How Much Money Will You Save By Repairing Your Credit Score?
For example, on the purchase of a $25,000.00 vehicle, a buyer would save a total of $5,199.80 in interest by improving credit from a 589 credit score to a 640 credit score. If the same buyer proceeded with credit repair, improving credit to a 681 credit score, the same buyer would save an additional $1,753.40.
Credit Repair vs. Insurance Savings
Many Houstonians do not realize that improving credit scores will also save money on insurance rates. If a consumer with a 680 credit score proceeded to improve credit scores to 732, they have the ability to save approximately $750.00 per year on homeowners and vehicle insurance combined.
Total Savings = Money In The Bank
If you add the savings on the purchase of a vehicle to the savings on homeowners insurance, the total savings would total $7703.20. Please keep in mind, we have not added savings on a mortgage loan. By entering a credit repair program, fixing the credit and improving credit scores you are saving a minimum of $5600.00.