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Boost Your Savings: Credit Scores Cut Loan Costs

Boost Your Savings: Credit Scores Cut Loan Costs

A high credit score can significantly reduce the interest rates offered on loans, thereby saving you money. Ajay Mishra, with a credit score of 760, enjoys lower interest rates and waived fees, demonstrating the benefits of a good credit rating. Generally, a score above 700 is deemed good, leading to lower interest rates, while a score below 600 could result in higher rates due to perceived risk by lenders. This relationship is evident across various loan types, including mortgages, car loans, personal loans, and credit cards. Maintaining a strong credit score involves paying bills on time, managing debts responsibly, and regularly checking credit reports for inaccuracies. A high credit score can also improve rental opportunities, as landlords may consider it during the application process.

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