We all know
that our credit scores matter but few people
know how much and even fewer know what goes
into your score and how to improve it.
Let's start
with how much. The table below shows what
you could expect to pay for a $650,000 30
year loan with different credit scores.
FICO
SCORE
APR
Typical
Payment
720-850
6.768 %
700-719
6.894 %
675-699
7.561 %
620-674
8.844 %
560-619
No Loan
500-559
No Loan
As you can see, there is a significant
difference when you have your credit score
above 700.
The good news is that credit scores can be
improved, often very significantly and
sometimes very quickly.
If you have a
high interest loan due to less than perfect
credit and want to find out how you can
reduce your monthly payments and get a
better loan, I recommend you talk to:
Daniel deTar,
Branch Manager Countrywide Home Loans (408)
369-2625 or cell at (408) 857-9944
Dan can help analyze your credit report
and will work with you to improve your
score. This can often be done in as little
as 45 days or less.
Edward Jamison is an attorney that will be
happy to assist you should you desire
outside help with the process.
As a start to the process, you should
contact a credit reporting site and get your credit
report. You are entitled to a free report once a
year, but in order to get your reports with your
credit score, you will likely have to pay for it.
Caution, if you pull your own report, there is no
penalty to you but if you have a third party pull
your report for you, it may cost you on your score.
Generally the worse your credit is, the more points
are charged for a third party inquiry as the credit
scoring software assumes you are shopping for more
credit.
To get your own credit reports immediately on line
you can go to this website:
