How much does your credit score matter? A lot.
Borrowers with low credit scores can pay around $5,000 more in finance charges for a car purchase and tens of thousands of dollars more on home purchases, experts say. It can also limit access to or increase the cost of cell phone service, electric serve and rental housing.
Consumer Federation of America and VantageScore Solutions, a Stamford, Conn., credit rating system developed as an alternative to FICO scores, released a consumer survey recently that revealed that many Americans know little about credit scores. More than 1,022 adult Americans were quizzed by telephone.
Here are some of the survey’s findings: