Report Credit Score Information For Borrowings
There are many instances in life where you’ll need to report credit score information. You should look at your credit score report as a bartering tool. The economy can work for you and there are temporary pockets of “free money” out there, if you are deemed responsible and trustworthy. Your word means nothing to an investor who doesn’t know you. All they know about you is whether you have poor or good credit scores. A number from 300 - 850 will indicate how much you can borrow, how long you can borrow for, how much you’re charged on what you borrow and, in some cases, whether you’re allowed to borrow at all!
You’ll need to provide credit score information if you want to buy a house. According to www.MyFICO.com, if you’re in the top credit score bracket of 760-850, then you can get a 30 year fixed-rate mortgage at an interest rate of 6.149%, so you’d pay roughly $609/month on a $100,000 house. However, if you’re in one of the lower credit score brackets (500 - 579), then your interest rate will be 10.310%, making your monthly payments $901 on that same house, which means by the end of your loan period, you will have paid $105,120 more than the person with good credit!
A low rating credit score in the range of 300-500 means you won’t get a home loan at all! In fact, in lieu of the mortgage meltdown, most financial institutions have raised the bar considerably, so you can’t get a mortgage if your credit score is below 650! For many heartbroken ex-homeowners, this means they’ll need to downsize their family into an apartment and wait for at least three years before their credit scores can rebound.
More On: When You’ll Report Credit Score Information
Technorati Tags: report credit score, credit scores range, rating credit score, your credit score, payday loans, good credit scores
Quickly bookmark Report Credit Score Information For Borrowings at:
Leave a Reply
You must be logged in to post a comment.
