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Better Score, Cheaper House
If a family put a 3.5% down payment on a $172,900 four-bedroom house in Greenville, South Carolina, they would take out a loan for $166,850. Here's what their true bottom line would look like.
Score Rate Payment Cost
760+ 4.981% $893.75 $326,900
700–759 5.203 $916.50 $335,090
680–699 5.380 $934.83 $341,689
660–679 5.594 $957.22 $349,749
640–659 6.024 $1,002.93 $366,205
620–639 6.570 $1,062.30 $387,578
Less than 620: It will be tough to get a loan at all.
Better Score, Cheaper Car
A buyer puts $3,000 down on a $25,605 2009 Honda Accord EX-L sedan and finances the rest over 60 months. Here's his true bottom line.
Score Rate Payment Cost
720+ 6.42% $441.45 $29,487
690–719 7.88 $457.05 $30,423
660–689 9.86 $478.73 $31,724
620–659 12.79 $511.91 $33,715
590–619 17.64 $569.60 $37,176
500–589 18.43 $579.32 $37,759
Less than 500: It will be tough to get a loan at all.
What's Your Score?
Print this quiz for a quick estimate of how lenders are likely to rate your credit.
Beth Kobliner is the author of Get a Financial Life and a contributor to National Public Radio's The Takeaway. Reach her at bethkobliner.com.
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