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As we already established having a good credit score not only enables you to get loans from lenders, but more importantly it reduces your annual interest rates quite significantly. The tables below will show you real examples on exactly how a particular credit score affects your interest rates on mortgages, equity loans or auto loans. 30 Year Mortgage: Credit Score Interest Rate 500-549 9,758% 550-579 9,077% 580-599 8,747% 600-619 8,305% 620-639 7,359%…

The single most important thing to note about a low credit score is that not only may it prevent you from actually receiving credit, but you will also get a higher interest rate as lenders see you as a bigger risk. The following chart will show you how a low credit score can significant affect your interest rates when applying for a car loan:   Credit Score 36-month new auto…