credit impact on vehicle selectionif you're not living the lifestyle you deserve, and you want to figure out how to drive a better vehicle, live in a better home, or have the extra cash to dine at your favorite restaurants, the first piece of information you should look at is your credit. when it comes to having the things you want most, credit is key. let's face it, many of the things you want require financing, and your credit is the biggest factor that determines whether you can have them. credit will affect your ability to drive the vehicle of your choice, to live in the neighborhood you always dreamed of, and to have a better education. we are now learning that credit can even be a determining factor in whether you get a job, cell phone, auto insurance rates, and so much more! if you can raise your credit score, you can raise your lifestyle. it's that simple. take a look at the difference in lifestyle between someone with a low 475 credit score, and someone with a high 720 score do lenders see you as a risky borrower?the reason consumers with good FICOŽ scores get better interest rates is because they pose less risk of missing payments or defaulting on a loan. your FICOŽ score: 549 risk rate: 70% analysis: most lenders would consider consumers in this score range as very high risk. this chart shows that consumers with low FICOŽ scores have a high risk rate, and consumers with high FICOŽ scores have a low risk rate. the power of the FICOŽ score to predict which borrowers are risky and which are not is one reason why so many lenders use FICOŽ scores in making loan decisions. click here to see the risk rate for credit scores. your credit report.why do your scores matter?credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. for most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.
want to rent an apartment? without good scores, your apartment application may be turned down by the landlord. your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service. lenders look at your scores all the time. they look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. FICOŽ scores provide the most accurate picture of credit risk possible using credit report data. will your scores be different?FICOŽ scores range from about 300 to 850. fair isaac makes the scores as consistent as possible between the three credit reporting agencies. what does your credit score affect?
click here to see the national distribution of credit scores. |
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