Perks of a Stellar Credit Score

Score! 8 Perks of a Stellar Credit Score Why settle for just a good credit score? Not only can an excellent one save you money in the long run, but it can have a positive impact on multiple facets of your money life. First, Some Credit-Score 90 Basics ... of the country's top lenders use FICO® scores when making their financing decisions. Source: MyFico.com, 2015 FICO scores typically range from 300 to 850. Lenders' individual standards vary, but generally speaking ... 300 Source: Fair Isaac Corp. and the Consumer Federation of America, "Your Credit Scores," 2011 850 Under Above 600 650 700 750 Poor Fair Good Excellent The median FICO score in America is ... 713 Source: MyFico.com, "Interactive Credit Score Map: Median FICO Score 8 by State," April 2015, data as of October 2014 Running the Numbers: How a Stellar Credit Score Can Save You $$$ If you're trying to get a ... 760 700 $300,000 mortgage Credit Score Credit Score Your interest rate could be ... 3.51% 3.73% And your total interest *30-year fixed mortgage in New York as of May 18, 2015, using MyFico.com's paid could be... Loan Savings Calculator $185,571 S198,879 If you're trying to get a ... 760 700 $30,000 new auto loan Credit Score Credit Score Your interest rate could be ... 3.27% 4.54% And your total interest paid could be ... ** 60-month new auto loan in New York as of May 18, 2015, using MyFico.com's Loan Savings Calculator $2,560 $3,587 According to credit.com, a 40-year-old man living in Ohio with good credit will pay $149,089 in interest on his home, cars and credit cards over a lifetime. With excellent credit, he will pay $134,969 a difference of $14,120. | Source: Credit.com's Lifetime Cost of Debt calculator, as of May 18, 2015 5 Ways Excellent Credit Can Impact Your Life- for the Better Lower insurance premiums 1 On average, a person with no credit history pays 65% more for auto insurance than someone with excellent credit. And someone with fair credit pays 29% more for homeowner's insurance than someone with excellent credit. Sources: "2014 Car Insurance by Credit Score Report," WalletHub.com; July 2014 insuranceQuotes.com survey. Plum credit card rewards The higher your credit score, the more likely you will be eligible for prime rewards, like sign-up miles or cash-back offers. Sources: "5 Benefits of Good Credit," Nerdwallet.com, December 2014: "2015 Credit Card Rewards Report." Cardhub.com Better job prospects 47% of employers have run credit checks on job candidates primarily to reduce the potential for theft and embezzlement, reduce liability for negligent hiring, and assess trustworthiness. Source: Society for Human Resource Management, "Background Checking-The Use of Credit Background Checks in Hiring Decisions," July 2012 Nicer digs 4 The better your credit score, the more desirable you'll appear to a future landlord. After rent- to-income ratio, your credit profile/score is the second-most important factor a property manager considers when reviewing an application. Source: Rent.com, "2014 Property Owner and Manager Report" Prime romantic prospects 57% of men and 75% of women say credit scores are important to them when evaluating potential partners-and 1 in 4 say a poor credit score is a arriage deal breaker. Source: FreeCreditScore.com, "Credit Scoring and Dating Report 2013" 3 Easy Ways to Help Your Score Go From Good to Great Find and fix errors 1 1 in 4 consumers have caught mistakes on their report that could affect their credit score. So monitor your credit report- and dispute signs of mistaken or stolen identity, accounts with incorrect credit limits, mistaken late-payment notices, or paid-off loans wrongly marked as open. Source: Federal Trade Commission, February 2013, survey of 1,001 participants Opt for autopay Missing even one late payment by 30 days could cause your score to take a nosedive. Someone with a 780 FICO score, for example, could see it dip by 90 to 110 points. If you set up an automated payment schedule with lenders, you can pay your bills on time when life gets hectic. Source: MyFico.com, Credit Report Q&A, "Credit Missteps-How Their Effect on FICO Scores Vary." Watch your utilization Less than rate 30% After your payment history, your amounts owed- also known as your credit utilization rate-is the next most important factor that impacts your FICO score. Consistently using more than 30% of your credit limit could hurt your score, so be mindful of this numl MyFico.com, "How to Ask for a Credit Limit Increase (And Make Sure You Get It)," December 2014; Cardhub.com, "Credit Utilization Guide," 2015 $27,500 That's how much credit the typical consumer has access to across 田 all their credit cards. Source: FICO Score Trends Service study, April 2012 Hopefully, with these tips, you can manage your own credit limit wisely to help take your score to new highs. CHASE O LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc., that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the individuals interviewed or quoted in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed, linked to or otherwise appearing in this message are separate and unaffiliated and are not responsible for each other's products, services or policies. SLATE LEARNVEST 2]