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Credit Scores
Credit scores are a numerical value assigned to your credit report. Higher credit scores = better credit. While the credit bureaus say the range is from 450-850. The highest I have seen is 820 and the low 480. The bureaus don’t disclose their secret formula for determining a credit score but after years of experience and speaking to many credit experts I will reveal several useful hints to help improve your score. Here is a brief summary of credit scores and how they relate to obtaining credit and low rate offers:
Home Mortgage Rates
| Credit Score | |||
| 480-579 | Highest Rate Tier | 7.99%-16.00% | Down Payment or Equity Required |
| 580-620 | High Rate | 6.99%-13.50% | Some Zero Down Loan Options |
| 621-660 | Better Rate | 6.00%-8.00% | Many Good Loan Programs |
| 661-719 | Good Rates | 5.50%-7.50% | 90% Of All Loan Programs |
| 720-800 | Best Tier | 5.50%-6.75% | All Loan Programs |
Auto Loans
| Credit Score | |||
| 480-579 | Highest Rate Tier | 7.99%-16.00% | Down Payment or Equity Required |
| 580-620 | High Rate | 6.99%-13.50% | Some Zero Down Loan Options |
| 621-660 | Better Rate | 6.00%-8.00% | Many Good Loan Programs |
| 660-719 | Good Rates | 5.50%-7.50% | 90% Of All Loan Programs |
| 660-800 | Best Tier | 0.00%-6.99% | All Loan Programs |
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