If you are thinking of applying for a loan, it will be a good idea to first check where you stand on the credit score scale. Why? Because knowing where you are on the scale can have a huge effect on the interest rates you’ll get.
Category: credit score range
Credit scores are calculated using mathematical equations the average American cannot understand. Heck, the way these equations are formulated is designed to be hopelessly incomprehensible to normal folk like you and me.
The Federal Trade Commission (FTC) and the Federal Reserve Board (FRB) have implemented new rules for consumer credit, wherein said consumers will receive a free credit score should the bank use it as a basis for various credit-related decisions.
Your credit score has a huge impact on your loan application. It is a very important number lenders use to determine whether or not you’ll qualify for new credit, and at what interest rates and terms of credit. Those with the highest scores get the lowest interest rates.
Qualifying for a mortgage is getting more difficult in today’s recessionary economy. In many cases, a low credit score of 560 will prevent you from qualifying for the mortgage you want.
Perhaps the question you’ve always been asking yourself is “What is considered a good credit score?” Well, there is no stipulated pass or fail mark in regard to credit report, but creditors have set 700 to be a good credit score. Thing is, 60% of Americans are capable of achieving this, hence shouldn’t be difficult […]
The question many people are asking is what is a good credit score and how easy is it to achieve such a score? Considering the fact that 60% of Americans have managed to achieve the score, it makes it very easy for everyone.
You might be one of those folks gunning to boost your FICO score from 760 to a spotless credit rating of 800 or more. You might be doing so to get better interest rates on mortgages or better perks from the elite credit cards.