Comments on: How Your Credit Score Affects Interest Rates

By: Pac Man

Pac Man — Fri, 16 Dec 2011 19:48:36 +0000

Curious, my score isn’t the greatest, 648, and it has moved up from where it was. I have all my liens paid off, and now am in the process of rebuilding my credit. How long does it take to rebuild it to the excellent credit range?
Any advice would help, and i appreciate all the helpful advice you guys have offered.

By: david

david — Fri, 12 Dec 2008 01:33:02 +0000

a CC company wrongly put a bankruptcy on my credit this hurt my credit score. my fico was 830

no its down in the 750 range. I contacted the CC company in June of 08 to fix the problem. they said they would and I thought every thing was ok
I start the process of buying a house and find out they never fixed anything.

today I signed the loan paper work for my new house and my fico score is still down in the 750 range.

this really makes me upset—I have been working since I was in 8th grade and have never ever failed to pay my bills

never missed a payment on anything never late on anything
then some CC hurts me my credit sore.

hell I was made that it was only 830

David

By: Disgruntled

Disgruntled — Mon, 06 Oct 2008 05:30:23 +0000

Looks like a self-fulfilling proposition.

By: Patrick

Patrick — Fri, 03 Oct 2008 11:47:26 +0000

Thanks Jim for the great numbers. I never knew that you have to have above a 760 to truly get the best interest rate. With the credit crisis this country is currently going through, I am not that surprised that lenders are becoming more strict with there standards as they should be.

By: Jim

Jim — Fri, 03 Oct 2008 00:16:50 +0000

Looks like the promotion is ended. I tried it too and got the message:
“We’re sorry – we’ve already given away 10,000 free FICO scores. Thank you for your interest. Please stay tuned for new and exciting FICO score promotions.”

By: Shehzada

Shehzada — Thu, 02 Oct 2008 18:30:48 +0000

I tried to pull my free credit score but didn’t get lucky. Apparently they only had 100 free scores to give. I can never win!

By: MoneyBeagle

MoneyBeagle — Thu, 02 Oct 2008 16:14:18 +0000

Good information and wow, rates on auto loans have gone up a lot since we last purchased a car. Good to know!

By: jim

jim — Thu, 02 Oct 2008 15:52:58 +0000

Sarah, conforming and non-conforming refers to the size of the loan. Conforming loans are those that Freddie Mac and Fannie Mae can purchase or guarantee, non-conforming loans (also known as jumbo loans and other names) are those that they cannot.

Whether a loan conforms or not is generally based on the size of the loan, before the legislation earlier this year that limit was set by the Federal Housing Authority at $417,000 for one-family first mortgages. With the stimulus package, that limit was adjusted for geographic regions and can be much higher in some areas.

By: Sarah

Sarah — Thu, 02 Oct 2008 15:16:10 +0000

I also pulled my score from Equifax and was pretty pleased to find I have a 742. I guess I’m doing better than I thought with debt repayment and keeping everything in order! I was really interested in the mortgage rate charts but I don’t know much about mortgages. Maybe you could add on to this post explaining the differences between a conforming and non conforming mortgages? Thanks Keep up the good work

By: Frugal Dad

Frugal Dad — Thu, 02 Oct 2008 14:57:28 +0000

I don’t track my score too closely, unless I’m planning a major purchase. Actually, the only thing I’ve borrowed recently is money for a house purchase. I’m trying to live debt-free for the most part, but am not out to intentionally sabotage my score like some in the anti-FICO crowd. Your post is a great example of how just a small difference in score can make a big difference across the life of a loan.