Comments on: How Your Credit Score Affects Interest Rates

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.