The Federal Reserve raised interest rates by a quarter percentage point this month and signaled that another hike is possible later this year. According to a LendingTree study published in September, the total interest difference between fair credit borrowers (scores between 580 and 669) and very good credit borrowers (scores between 740 and 799) amounts to $42,950 over the full term of their loans. Moving from good credit (670-739) to very good credit (740-799) would save $20,530. The article recommends several tools to improve credit scores: budgeting apps like PocketGuard and Quicken Simplifi, Experian Boost to add recurring payments to credit reports, 0% APR cards like the Wells Fargo Reflect to pay down balances, and checking credit reports for errors that affect 44% of Americans.
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