How Your Credit Score Affects You Suppose you want to borrow $200,000 in the form of a fixed rate thirty-year mortgage. If your credit score is in the highest category, 760-850, a lender might charge you 3.307 percent interest for the loan.1 This means a monthly payment of $877. If, however, your credit score is in […]
How Your Credit Score Impacts Your Financial Future Many people do not know about the credit scoring system—much less their credit score—until they attempt to buy a home, take out a loan to start a business or make a major purchase. A credit score is usually a three-digit number that lenders use to help them […]
Determining Your Credit Score So, how do credit bureaus determine your credit score? Fair Isaac has developed a unique scoring system for each of the three credit bureaus, taking the following five components into account: What Helps and Hurts a Credit Score Here is what each component says about you: Payment History details your track record […]
