Credit History 101

Why is credit so important?

Your credit score can mean the difference between getting a good interest rate on your mortgage / loan, or whether you even qualify at all. There are a few simple, yet very important steps you can take to clean up your credit score and put you on the right path to obtain an A-paper loan in the future.

Good credit translates into lower rates. The credit scoring model shows how likely the consumer is to pay off their debt without being more than 90 days late on a payment at any time in the future. The higher the client’s score is, the less likely they are to default on their loan.

Here is a simple chart to give you the tiering structure and what it means to the underwriter.

720+ Wonderful!
You are at the top of the best rates and terms offered to you.

700-719 Excellent score.
You are a very desirable borrower.

680-699 Good credit.
You should be in good shape to buy.

660-679 OK credit.
Don’t look for other exceptions.

640-659 Borderline.
OK if everything else is strong.

620-639 Weak.
The rest of your life must be perfect.

600-619 Difficult.
Needs some work, or a special program.

Below 600 Trouble!
Call us today to get on the path to improving your credit!

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