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Credit Scoring
 

What's in Your Score?
A FICO score is a credit score developed by Fair Isaac & Company, the pioneer of credit scoring. Credit scoring is a method of determining the risk and the likelihood that credit users will pay their bills. Credit scores are calculated by using variable mathematical calculations that assign points based on your credit history which best predicts future credit performance. The following chart shows how your credit history is scored:

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It's important to note that the three major credit reporting bureaus do not use the same scoring model which often results in three different credit scores.


How much is a low score costing you?
Whether you realize it or not, a low credit score can cost you thousands of dollars. The lower your credit score, the higher your interest rate will be on a mortgage. The following is an example of how much you might pay for a $200,000 home:

Low Credit Score BuyervsHigh Credit Score Buyer
8% interest rate6% interest rate
$1,470.00 monthly payment$1,102.00 monthly payment
DIFFERENCE = $368.00 per month

That adds up to $4,416.00 per year!!

The good news is that we at Credit Financial Planning, Inc. can help you if you have a low credit score. We guarantee we can increase your credit score thereby helping you qualify for a lower interest rate. If you are hoping to purchase a home, refinance your current home or just need help cleaning up your credit reports, call us today…we can help!


Mortgage Calculator
Mortgage Data:
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What is a good credit score?
Credit scores range from 300 to 850. The best credit rates are given to people with scores above 770 but a score of 700 is considered good. The median score for the U.S. consumer is about 725. Mortgage brokers typically rate borrowers based on their average credit score into the following grades:

A = 750+
B = 700 - 749
C = 640 - 699
D = 620 - 639

If your score is lower than 620, you might still qualify for a home loan, but your interest rate will be significantly higher than someone with a higher credit score.





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