It Pays to Have an Excellent Credit Score
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iStockphoto/Thinkstock(NEW YORK) — The average credit score for American consumers is about 675, according to a new survey from a credit rating company. But there can be a world of difference between having an average score and an excellent number.
“Very literally someone with a good credit score versus someone with a great credit score could pay hundreds if not thousands of dollars each year,” says Geri Detweiler of Credit.com. “We pay a car loan or we pay a mortgage.”
People with excellent credit also pay less to borrow money.
“Very often the interest rate that we’re paying is tied to our credit scores,” says Detweiler.
If your score is in the 600s or less, “you may get a loan but you probably will pay a higher rate,” she says.
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