Monday, March 14, 2011

What's Your Score?


Some credit score information I found in a random Reader's Digest magazine (October 2009 edition). The article's titled "Your Magic Number" and it has some interesting information that seems useful, so I decided to post it on here. Enjoy!





Better Score, Cheaper House If a family put a 3.5% down payment on a $172,900 four-bedroom house in Greenville, South Carolina, they would take out a loan for $166,850. Here’s what their true bottom line would look like.

Score          Rate            Payment          Cost  
760+          4.981%       $893.75         $326,900 
700–759     5.203          $916.50         $335,090 
680–699     5.380          $934.83         $341,689 
660–679     5.594          $957.22         $349,749 
640–659     6.024          $1,002.93      $366,205 
620–639     6.570          $1,062.30      $387,578
Less than 620: It will be tough to get a loan at all.


Better Score, Cheaper Car A buyer puts $3,000 down on a $25,605 2009 Honda Accord EX-L sedan and finances the rest over 60 months. Here’s his true bottom line.

Score           Rate             Payment   Cost  
720+          6.42%         $441.45     $29,487 
690–719     7.88            $457.05     $30,423 
660–689     9.86            $478.73     $31,724 
620–659     12.79          $511.91     $33,715 
590–619     17.64          $569.60     $37,176 
500–589     18.43          $579.32     $37,759
Less than 500: It will be tough to get a loan at all.

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