Information The Credit Reporting Agencies Don't Want You Know

With such a small number of points between the highest score and the lowest score, just a small change can have a big impact. A difference of only 50 points can have an impact upon the interest rate you can qualify for on your loan. Between 760 and 800 points is generally considered to be a very good score; most lenders consider that score range to be very low risk. Get educated, get your credit scores higher! How do you get a loan if I have credit score of 400, nThere are other requirements for a loan besides your credit score. How much debt do you currently owe, How much do you make a year and how long have you had your job, Are you buying a house or renting and how long have you lived there,

The main outfit that oversees your credit rating is the Fair Isaac Corporation; more popularly known as FICO. 100 bill - Benjamin Franklin. Any credit score rating from about 700-850 is considered good; whereas below 700, you can be pretty sure that you aren't getting the best rates on any loans for which you are approved. You see; credit rating tells the person/corporation from whom you are borrowing money how trustworthy you are when it comes to making regular payments on time and in full. Do you own anything, have any money in a saving account, any assets, Are you married, and if so does your spouse work, do you have any dependents, What is the lowest credit score to qualify for a home loan, You need at least a credit score of 660 to qualify for a home loan. Yes, you can get a mortgage with a 640 credit score and four charge offs.

1. 500 to 580 scores poor


2. 580 to 619 scores low


3. 740+ Is Best, 620+ OK


4. Insurance premiums


5. Number of new accounts

Depends on which lender you use to qualify & type of loan- but around 640 generally. Can someone get a pre-approved home loan with a credit score of 687, How do credit scores determine home loans, First by determining eligibility: lenders will set minimum scores for their loan programs. Second by effecting pricing: lenders will charge higher interest or more fees for lower (riskier) credit scores.

nTherefore you could be paying 212.57 more a month for your lower credit score.

Most lenders avoid giving loans to such people as they have a bad credit history. Also, insurance companies charge high premium to people who in this range. To improve their credit standing, people in this range must avoid defaulting on their repayments. Those who fall in below 500 credit score range should start taking serious steps to improve their credit standing. These people have to get professional help to improve their credit standing. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. nTherefore you could be paying 212.57 more a month for your lower credit score. 76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score.

Here below is a way to beat them at their own game, but first let's take a closer look.

Many people these days are monitoring their credit score range very carefully as there have been many changes in the lending environment that may effect their scores in various harmful ways. Credit companies can really screw you over with the various tricks that they pull. It is important you know exactly what they are doing so you do not get caught up in one their ways to milk you for as much money as they can. Here below is a way to beat them at their own game, but first let's take a closer look. Each potential lender bases their decisions off of their own personal experiences with consumers so they will value different parts of your credit score more than others. The basic breakdown goes like this. Seven hundred to eight hundred and fifty is considered excellent credit and you shouldn't have any problem at all obtaining credit at any financial institution.