BLUFF – Bottom Line Up Front
Financial Education Service can help you in so many ways. Here’s How.
Contact your Financial Education Service Agent to learn more.
In 2009, changes were made in the way credit scores are calculated. To make the most of your credit, you need to know exactly how your credit score is calculated. There are five components to your score and some carry more weight than others.
It may seem daunting to get a handle on your credit situation but there is help. Contact a Financial Education Service Agent to find out how to resolve the negative issues impacting your credit report.
More today than ever before, our increasingly tight credit market demands a high credit score. Why? Over three quarters of all lenders use credit scores when approving loans or credit. It’s also used to determine your interest rate, the amount of your down payment and the variety of mortgage types available to you if you’re buying a house. The higher your credit score, the lower the interest rate. For larger loans, such as a mortgage, one point up or down in your score can add up to a significant amount of money.
The industry has changed over recent years as lending guidelines have become more restrictive making it harder to obtain loans.
|FICO Score||APR||Monthly Payment||Total Interest Paid||Extra Interest Paid from 760-850 Credit Score|
|* Based on a 30-year fixed mortgage of $200,000 according to May 2010 interest rates from myfico.com|
What Lenders look for on Borrower’s Credit Report:
Lenders Prefer Borrowers With:
Getting a handle on your credit report and history is critical if you want to live free and have the kind of future you’ve dreamed and worked hard for. Let a Financial Education Service Agent help you improve your credit.
Ever wonder why your credit report has inaccurate information? Credit reports often contain errors due to one of the following reasons:
So how can you fix this and avoid costly errors? Contact an Financial Education Service agent to find out how.
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