What is a good FICO score and what does this mean?

You may be asking yourself these questions. The general rule is the higher the FICO score the better, if it is a high wind, you can save much money. When lenders determine your loan, your FICO score is a sign of a threat. Your risk of smaller, lower interest rates you pay for it. Lower interest rates, can save more money over the life of the loan.

FICO scores range from300-850, and broken down into:

• 300 to 499 bad credit,

• 500 to 619 low-credit,

• 620 Zhi 679 average credit,

• 680 Zhi 699 a good reputation,

• 700 to 850 good credit quality.

One example is how you save money for the 30-year mortgages to see. One has a good FICO score, and with the average person B person. When a person apply for 30 yuan 20:00 〇 years they get a very good mortgage interestAround 6%, and to pay 1,200 yuan a month when the person B is the same loans, they received 7.5% interest rate and monthly $ 1400 The difference is 200 per month. What does this mean a big deal, but it really is. In the loan, 360 months in the lives of 200 U.S. dollars a month, it is equivalent to 72,000 yuan. This is a great person A: Savings

In addition, if person B has a lower FICO score, they are more likely to not even have access to credit. 620 often As a one-off loans to start. In other words, if you are lower than most of the organs will not be affected, you need to first grade, including mortgage loans. The group's interest rate loans are often much higher than the average, even the FICO score evaluation. You can double-digit interest payments, so that the consequences of a bad FICO score is indeed very expensive.

You should always seek to protect and increase your FICO"Guests. From the above example, $ 200 a month could really make a difference people's lives. This is especially when the money invested. Who, in addition to 200 U.S. dollars per month and much more at ease. You have the flexibility to deal with economic and changes in inflation.