Will Your Credit Score Affect the Interest Rate You Get?

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  I asked if he have any idea what his credit score was

  He said he went on line and it was 900+

  I advised him that that score was impossible because credit scores range from 300 to 850

The credit scoring mechanism used by mortgage lenders is called a FICO score

 This credit scoring pulls its scores from three different credit bureaus,

transunion

com/”>Trans Union, andThe range of scores under the FICO scoring model is 300 to 850

 Lenders use the scoring model to determine what is known as risk base pricing

  In other words, folks with higher credit scores are considered the best risk

  As scores go down, the risk to the lender increases

  Therefore, your goal should be to attain as high as possible credit scoring as possible

  Here are the FICO score ranges

  • 760 — 850 (best interest rate)
  • 700 — 759
  • 680 — 699
  • 660 — 679
  • 640 — 659
  • 620 — 639 (higher interest rate)

You are entitled to one annual free credit report from each credit reporting bureau yearly

  To get yours Free, go to: https:// (function(){ var hsjs = document

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