Bad Credit

The average credit score is only 678th This means that most Americans do not have perfect credit. If your FICO score below 620, you are as bad credit. FICO scores are taking into account things like the amount of debt you currently have and gives you your payment history with current and past creditors. While the credit score a specific number can interpret the numbers vary widely from one institution to another. The importance of a good credit score, is that what is your interest rate is based. Bad credit or bad credit increases the interest rate of your loan. Against this background, saving for a down payment is now of crucial importance. If you can come with a good down payment, the chances of going into a mortgage with an affordable interest rate up dramatically.


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Bad Credit

The average credit score is only 678. This means that most americans do not have perfect credit. If your FICO score is under 620, you are considered to have bad credit. FICO scores are calculated by taking into account things such as the amount of debt you currently have and your payment history with current and past creditors. While the credit score is a concrete number, interpretation of the number can vary widely from one institution to another. The importance of a good credit score is that this is what your interest rate is based on. Poor credit or bad credit will increase the interest rate of your loan. With this in mind, saving for a down payment now is crucial. If you can come up with a good down payment, the odds of getting into a mortgage loan with an affordable interest rate go up dramatically.