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Posted on June 27, 2009 by Tim Colbie | Posted under Credit
What A Good Credit Score Is
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Having a good credit score is very important. For one thing, you would be paying lower interest rates. Let's say you have a credit score of 760. For a 30-year fixed mortgage of $300,000, you could get an interest rate of 4.5% or a little less. Then you would be paying about $1,520 per month. What if you have a credit score of 620? Don't even try to get a loan with an interest rate below 6%. That would shoot up your monthly payment to about $1,800 - an extra $280 per month! Knowing what a good credit score is for the type of loan you want is important. This will help you determine in advance the interest rate to expect. Then you would be in a better position to negotiate with lenders. A good credit score would not only give you the liberty to compare and chose the best loan on offer, it would also give you the added advantage of getting low interest loans. It is advicable that you do this. Never be in haste when scouting for a loan. If you have good credit score, by all means compare one offer to another. What if you have a really bad credit score, say 350? Do not despair since all hope is not lost. There are still lenders who are ready to give you a loan. There is one problem with this, and that is you would have to pay a higher interest rate and put down a large down payment. If that does not appeal to you (who would find that appealing anyway?), then you have the option of repairing your credit score. You should know how to repair bad credit besides knowing what a good credit score is. All it takes to fix your credit score yourself is the ability to read and understand English, as well as follow simple instructions. All you need is the right information. You can raise your credit score really fast if you're armed with the right information. About The Author: What if I told you that you can repair your credit yourself in just 37 days? Read my 37 Days To Clean Credit ebook review to find out how. |
Tags: CREDIT SCORE, CREDIT REPAIR, FIX CREDIT, BAD CREDIT, GOOD CREDIT, LOAN, INTEREST, INTEREST RATE, REPAIR CREDIT
