How much money could you really keep in your wallet if you improved your credit score?
Even if you have good credit, relatively
small shifts in your credit score can make a big difference
in the rates you pay. And, what seems like a small
difference in monthly payments adds up over time.
Gail MarksJarvis, author of "Saving
for Retirement without Living Like a Pauper or Winning
the Lottery," asks: "What if you could invest
that money in a simple mutual fund that covered the
entire stock market and left it until you were approaching
retirement?" Historically these funds have earned
on average 10 percent per year. Investing even $100
per month of money saved, thanks to a better score,
over the course of 40 years adds up to over $559,500.
Use this chart to see exactly how much
money you could save on a mortgage, a home equity
loan and a new car if your FICO credit score was higher.