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Mind on My Money:  Black Personal Finance 101

By The Numbers

Why Credit Matters
Your 3 Digit FICO number is the basis not only for if you get approved for many loans.  It also determines how much you are going to pay when a lender is willing to extend you credit. 

The interest rate that your score qualifies you for will determine how much money you will keep in your pocket at the end of your loan term.

On a 30 year mortgage loan for $300,000*

Credit Score

760-850
700-759
680-699
660-679
640-659
620-639
APR

3.879%
4.101%
4.278%
4.492%
4.922%
5.468%
Monthly Payment

$1,411
$1,450
$1,481
$1,519
$1,596
$1,697
The math speaks for itself. A hundred point difference between the top tier (760) and the middle tier(660) will save and individual over $38,880 dollars over the life of the loan. On a 36 month car loan for $20,000*
Credit Score

720-850
690-719
660-689
620-659
590-619
500-589
APR

5.068%
6.594%
8.520%
12.192%
17.933%
18.940%
Monthly Payment

$750
$767
$789
$833
$903
$916
On a car loan, an applicant with a score of 720 will save $2,988 over the consumer with a score of 620.

Good credit will actually keep money in your pocket.  And over the course of a lifetime, the difference between the good interest rates that high scores provide you, and the not so great rates extended to consumers with lower scores can literally save you tens if not hundreds of thousands of dollars.
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  • Home
    • About Us: The BlackPrint Statement of Purpose
    • Today in Blackness >
      • May in Blackness
      • Quote of the Day >
        • Quote of the Day March
        • Quote of the Day February
        • Quote of the Day January
        • Quote of the Day December
        • Quote of the Day November
        • Quote of the Day October
        • Quote of the Day September
        • Quote of the Day August
        • Quote of the Day July
        • Quote of the Day June
        • Quote of the Day May
  • Learn To Fish
    • 25 Resources For Getting Your Business Off the Ground
    • The Case For Black Entreprenuership
    • How to File For A Tax ID Number
    • Getting Organized For Business
    • The Case Against the 40 Hour Workweek
  • Shoulders of Giants
    • Giant: Patrice Lumumba
    • Giant: Nat Turner
    • The Donkey's Sin - Ethiopian Parable
    • Giant: Haile Selassie
    • Giant: Madame CJ Walker
    • Giant: Hannibal Barca
    • Giant: George Washingon Carver
    • Giant: Sojourner Truth
    • Giant: Toussaint L'Ouverture
    • Giant: Harriet Tubman
    • Giant: Huey Newton
    • Giant: Marcus Garvey
  • Mind On My Money
    • 6 Terms to Master Financial Literacy
    • Black Wealth By The Numbers
    • Black Investing 101: Invest In Stocks For Your Kids
    • How to Introduce Your Child to Money - Infographic
    • Black Investing 101: Invest In Companies You Support
    • Black Personal Finance 101
    • Getting on Track
    • Managing Debt >
      • Addicted To Debt
      • THEY Don't Want You to Know
      • Dirty Little Secrets
      • Your Rights As a Consumer
    • Understanding Credit >
      • Why Credit Matters
      • About Your Credit Score
      • Optimize Your Credit Score
      • By the Numbers
  • Unruly Intellectual Blog