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How exactly can a consumer "use" a good credit score for better rates?
Posted on 11/4/11 at 1:45 pm
Posted on 11/4/11 at 1:45 pm
I have heard on this board, and elsewhere, that if you have a "good" credit score, you can get better rates/terms on loans. How exactly? Does the lender run your score and then, if its good, they just give you better terms? Or, is this something you have to negotiate?
Since the question will likely be asked, I am planning on applying for a mortgage for the purchase of a new home in the near future and my scores for the "big three" range between 780-797.
TIA
Since the question will likely be asked, I am planning on applying for a mortgage for the purchase of a new home in the near future and my scores for the "big three" range between 780-797.
TIA
4
Posted on 11/4/11 at 1:58 pm to udtiger
quote:
Does the lender run your score and then, if its good, they just give you better terms?
Pretty much. When you apply for a mortgage they will offer you the terms depending (mostly) on your score.
Credit cards a different animal, card issuers will pull your score every so often even if you pay them on time. If your score suddenly drops to the 600-650 range your APR will likely climb a lot.
Posted on 11/4/11 at 2:38 pm to udtiger
quote:
Credit cards a different animal, card issuers will pull your score every so often even if you pay them on time. If your score suddenly drops to the 600-650 range your APR will likely climb a lot.
Credit cards may raise or lower your dollar limit using your score as one factor.
Posted on 11/4/11 at 3:31 pm to udtiger
quote:
I have heard on this board, and elsewhere, that if you have a "good" credit score, you can get better rates/terms on loans. How exactly? Does the lender run your score and then, if its good, they just give you better terms? Or, is this something you have to negotiate?
cliff notes version....
- Lender usually advertises a rate and/or terms
- you apply
- they check your credit and see what you level of rate/terms you qualify for
- this is sometimes negotiable depending on who you deal with
with your score, you should get the top tier of rate/terms unless proving your income is an issue.
Posted on 11/4/11 at 4:15 pm to udtiger
You have a great score. They will offer you a pretty prime rate.
Posted on 11/4/11 at 5:17 pm to TheHiddenFlask
Thanks for the info.
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