What A Good Credit Score Is
Do you know what a good credit score is? This question would likely come up in your mind if you are just about to get a loan. Even though a range of scores may be seen as good for a particular loan, no fixed number applies to all types of loans. Depending on the type of loan you seek, a score of 700 may be a good one.
Having a good credit score is really important. If nothing else, you would be able to get loans with low 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 maybe less. You end up paying about $1,520 every month.
But what if your credit score is 620? You would hardly get a loan with an interest rate that is below 6%. That small difference is actually much because now you will be paying about $1,800 per month instead of $1,520 (an additional $280 per month)!
It is important that you know what a good credit score is for the type of loan you want. This will help you determine in advance the interest rate to expect. This places you in a better position to bargain with lenders.
With a good credit score, you will not only get low interest loans, but you would also have the liberty to compare one loan to another. Then you can chose the best offer. It is advicable that you do this. Never be in haste when scouting for a loan. If you have a good credit score, never fail to do a comparison of the various offers you get.
What happens if your credit score is really bad, say 360? There is hope, so don’t worry. There are still lenders who are ready to give you a loan. The problem is that you will have to pay a much higher interest rate and put down a large down payment. If that doesn’t sound appealing to you (would anyone find that appealing?), this leaves you with the option of fixing your credit score.
It is important that you know what a good credit score is. But you should also know how to repair bad credit. If you have the ability to read and understand English as well as follow simple instructions, then you can repair your credit yourself. Having the right information is what you need. Having the right information would help you raise your credit score in a matter of months.
But what if I told you that you can fix your credit yourself in as little as 37 days? To learn how to do this, read my 37 Days To Clean Credit ebook review.
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- Do It Yourself Credit Repair
- Useful Techniques To Help Repair Your Credit Score
- Free Credit Repair Information A Ray Of Light
- Credit Score Repair Online – Who Can You Trust?
- Get The Best Credit Card Offers
