Understanding Your Credit Score
What Does Your Score Mean?
Prime, Sub-prime & Shafted Ratings
How
Much Does a Low Score Benefit?
How
are Credit Scores Calculated
What
Factors affect Your Score
Cracking
the Credit Code
Improving Your Credit Score
Credit Scoring Facts
Main Credit Tips Index
Prime, Sub-prime, and
Shafted
Prime If your credit score is
above 680, you are considered a "prime borrower"
and will have no problem getting a good interest
rate on your home loan, car loan, or credit
card.
Sub-prime If your credit score is
below 680, you are "sub prime", and will likely
pay a much higher interest rate on your loan.
Shafted Below 560 is the shafted
score. At least that is how most lenders and
credit issuers perceive it. You can still get a
credit card but you will likely be hit with a
security deposit or high acquisition fee. In
addition to that your interest rate will likely
be 22 to 23%. You can forget about most home
loans and the majority of new car loans at this
score. Below 560 is no place to be. You will pay
much, much more in higher interest and
unnecessary fees. You may even pay more for your
insurance rates. A very low score can even
prevent you from getting a job with many
companies.
More tips like
these may be found at
Consumer-Debt-Counseling.com. |
