Transcript

Why Credit Scores Reign Supreme in Today's Economic Climate

The Score Is Right 20% 15% 10% 5% 0% 300- 350- 400- 450- 500- 550- 600- 650- 700- 750- 800- 549 599 649 349 399 449 499 699 749 799 850 Sources: creditkarma, creditsourceonline. National Credit Score Distribution 720-850 EXCELLENT • This represents the best score range and best financing terms. 700-719 • VERY GOOD • Qualifies a person for favorable financing. 675-699 AVERAGE •A score in this range will usually qualify for most loans. 620-674 SUB-PRIME • May still qualify, but will pay higher interest. - ill have trouble obtaining a loan. 500-559 - VERY RISKY - Need to work on improving your rating. 560-619 • RISKY Credit Score Needed to Buy A House 500-620 - Specialized Lenders - Very High Down Payments And Interest Rates. 620-650 - Most Lenders - High Fees And Rates. 650-720 - Most Lenders - Slightly Lower Fees And Rates. 720 And Up - All Lenders And Best Rates And Terms. State Credit Scores WA The 5 Parts of Your Credit Score MT ND ME OR 10 WI NY SD WY MI 35% - payment history: Have you paid your bills on time? Any late payments IA PA NE NV OH UT IL IN will hurt you in this category. CO wv VA CA KS KY 30% - card utilization: How much of your credit limit you've used. NC TN 15% - length of credit history: This is usually the one that hurts young AZ OK AR SC NM MS AL GA people just because they don't have an extensive history. LA TX 10% - types of credit used: The more diversified you are the better you AK FL are in this category. HI 10% - recent credit pulls: Every time you apply for a loan, the lender must do a credit pull which goes on your credit report. 620-629 630-639 640-649 650-659 660-669 670+

Why Credit Scores Reign Supreme in Today's Economic Climate

shared by kcatoto on Jan 23
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Credit scores are king today. Mortgage lenders, auto finance companies and even employers rely increasingly on these three-digit scores to determine who gets money and at what interest rates. A bad cr...

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