 TITLE: Do Personal Loans Charge More Interest Than Credit Cards? CONTENT: How Your Credit Score Impacts Your Interest Rate\n------------------------------------------------\nFor both credit cards and personal loans, your credit score when you apply can affect the interest rate you'll be offered on your account. Having a higher score can help you get a lower rate, which will save you money.\nThe most extreme example of money-saving you can realize is on a mortgage, as the large loan amount and long repayment term means even a slight change in your interest rate can drastically change what you'll owe.\nBased on a FICO® calculator, the total amount of interest you might pay on a 30-year, $300,000 mortgage can range from $154,867 (if your score is in the 760 to 850 range) to $252,430 (if your score is in the 620 to 639 range). Having poorer credit could increase your monthly payment by about $300, and lead to paying an extra $97,000 in interest over the lifetime of the loan.\nWhile the impact won't be as extreme with a personal loan or credit card, your credit score will still affect the rate you receive. Additionally, most credit cards and some personal loans have a variable rate, which means the interest rate may rise or fall after you open your account. END