Your credit score, a numerical rendition of your creditworthiness - or lack thereof - should be at 760 or above if you want the best interest rate, according to FICO, the leading credit scoring system provider.
Mortgage lenders as well as other creditors take a hard look at your credit score when you want to borrow against your home, refinance or buy anew.
If you are struggling financially as a homeowners you may be considering some of the new ways to make your mortgage more affordable, but beware.
Look beyond the savings you can net on a mortgage modification, workout or short sale and carefully consider how those savings could affect your credit score.
According to FICO, if you:
Click here to read the full article
No comments:
Post a Comment