Consumers Helping Consumers

Unaware of Credit Score Importance
W.B., Accountant, Fairfield, Connecticut

A mortgage broker told me that my score was approximately 700. I saw an Internet site that said most lenders use 620 as a minimum standard for safety and said that 660 was a higher standard scoring. My mortgage broker told me my interest rate on my home loan, and then told me that if I had a score of 720 instead of 700, I could have an even better rate. The particular lender for my home loan had more stringent requirements for their best rates.

I am writing just to let people know that they shouldn't rest with just a "good" credit score and should do what they can to keep their credit score even higher.

Equal Home Finance Bureau Comment: Your point is well taken. Consumers should review their credit history and take the time to understand how they can improve their credit scores over time. Every little bit does count toward a better interest rate.

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