credit

aje78 Posted: Jan 24, 2006 06:16 PM

credit

werock0709 Posted: Jan 24, 2006 06:29 PM

Re: NWR- Credit scores

These are the scores I got from a site regarding loans etc. the higher the score, the lower the interest. You can see here for yourself.If you do a search on Credit Scoring, there is tons of info out there. In any case hope this gives you an idea. Ideally your number should be 650 or higher to be considered to have 'good' credit.
720-850 5.988 %
700-719 6.113 %
675-699 6.650 %
620-674 7.800 %
560-619 8.531 %
500-559 9.289 %

aje78 Posted: Jan 24, 2006 06:31 PM

Re: NWR- Credit scores

Thanks--I wasn't sure the highest was--what are some things that take points off your score?? Like if you have a late payment on a bill does that reflect right away on your score?? I thought it had to go first to collections??

werock0709 Posted: Jan 24, 2006 06:45 PM

Re: NWR- Credit scores

If your consistantly late with bill payment, yes it effects your credit score. But if you call up the business or corporation and let them know it'll be late or the payment is in the mail, most of them are good about it.Alot of times they give you payment plans as well. Collections TOTALLY screw up your credit, because if you ignore them, it stays on your report for 7 years, regardless if your paying all your other bills on time, AND they can file a judgement against you too!!

hsacks23r Posted: Jan 24, 2006 07:02 PM

Re: NWR- Credit scores

this is the average
675-699 6.650 %

melissalo Posted: Jan 24, 2006 08:52 PM

Re: NWR- Credit scores

if any one needs help just FM me .. I am a manager in the credit dept at a mtg bank.. alot gets factored into the rate you qualify for not jut FICO score.

But a conforming borrower is 620 credit score and up

chellynyc Posted: Jan 24, 2006 10:57 PM

Re: NWR- Credit scores

You should check out Suze Orman's show, websites and books....I've learned a lot about $$ from her.

aje78 Posted: Jan 24, 2006 11:41 PM

Re: NWR- Credit scores

Thanks so much :)

nicolehojo Posted: Jan 24, 2006 11:42 PM

Re: NWR- Credit scores

thats great to know, thank you

Blu-ize Posted: Jan 25, 2006 09:44 AM

Re: NWR- Credit scores

Posted by melissalo

if any one needs help just FM me .. I am a manager in the credit dept at a mtg bank.. alot gets factored into the rate you qualify for not jut FICO score.

But a conforming borrower is 620 credit score and up

I agree with this. Also your combined average score is what most mortgage companies and banks go by. Geography and down payment also factor in. Most of the advertised rates are generic and don't tell you if there are points. So if you get a really low rate on the internet, it probably has points required which is a % of your purchase price.