A Suze Orman exclusive

How Much Money Does a Good FICO Score Save Me Versus a Bad One?
Let's do some eye-opening math: If you were applying for a 30-year $150,000 mortgage the difference between being in the top FICO score range and the lower FICO score range translates into a difference of $375 per month. That comes to a whopping $135,000 in interest payments over the life of the loan? If you ask me $135,000 is a tremendous savings.

Check out the table below that shows the typical mortgage rate you might pay based on FICO scores. Now you'll understand why I say your FICO score can be more important than your social security number.

Score Rate 720 - 850 5.529% 700 - 719 5.654% 675 - 699 6.192% 620 - 674 7.342% 560 - 619 8.531% 500 - 559 9.289%

And for those of you muttering "yeah, but I am not buying a house, so it's no big deal" you are sooooo wrong. It's not just about your mortgage. Your FICO score is going to play a part in any car loan, or the interest rate on your credit card, or whether you deserve a boost in your credit card limit. It's also used by insurance companies in setting premiums and landlords deciding if they want to rent to you. And now some employers are checking your credit record during the hiring process. So if you want to rent an apartment, get a job, or even qualify for that zero percent interest rate offer on your new car loan, you best have a good FICO score.