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How Your Credit Score Affects Interest Rates
Posted By Jim On 10/02/2008 @ 9:26 am In Credit | 11 Comments
I was taking advantage of a promotion by myFICO and Equifax that let you see your credit score for free (it was a promotion for the first 10,000, sorry :(, but it was also no strings from what I could tell, I already had an Equifax login from checking my credit history for free annually, so it took 10 seconds) when I saw these charts comparing credit scores to APRs on various loans, here’s one for a 30 year fixed mortgage:
|Credit Score||30 Yr. Mortgage|
That’s why it’s important to know what your credit score is before you go out and get a loan and why you try your hardest to improve your credit score. While I’ve never used it, the credit score experts over at Credit Boards  seem to love myFICO .
One note of caution, your interest rate isn’t determined solely on your credit score. There are other factors involved but the credit score is an integral part of that equation.
Here were some other rates (for comparisons sake):
|Credit Score||15 Yr. Mortgage|
|Credit Score||36 Mo. New Auto|
|Credit Score||10 Yr. Home Eq.|
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