You’ve heard that not having a great credit score can be costly, and you probably know intuitively that it’s true. But how much can it cost you? An extra $4,000 a year? That’s not an exaggeration.
Let’s take a look at some of the ways your credit score can directly impact your pocketbook. We’ll use purely hypothetical borrowers: Jerry has excellent credit, Elaine’s credit score is fair, while George’s is poor. But the examples of the money they may save (or pay) are very real.