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The High Cost of Low Credit Scores


Out of all consumer loans, mortgages remain the hardest to get, especially for borrowers with poor credit. Borrowers with scores below 620 are unlikely to qualify, says Ulzheimer.

Lenders say borrowers’ FICO scores are the most important factor in determining whether they’ll get approved for a loan and what their rate will be, though their overall debt compared to income and their down payment size play a role as well.

Borrowers who have FICO scores of at least 760, make a 20% down payment, have a $300,000, 30-year mortgage, and pay one point upfront (that equals one percentage of the mortgage amount) will have average annual percentage rate of 3.3% or about $1,311 per month, according to Informa Research Services. On the other end of the spectrum, those with 620 to 639 scores – if they can get approved — will pay 4.9% on average or $1,587 per month – and annually will pay $3,312 extra per year.



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    • Credit scoreS play a very important role in our financial life, good credit score can make this life great, while bad one may bring us lots of inconveniences. That’s why it’s better to start to take care of credit history as only financial life starts. I know some people with a bad credit score and they wrongly assume that once their credit score is damaged then then they can’t do a thing to fix it. It’s very important to be responsible about making payments on loans, because credit score shows the lenders of cash advance how reliable you are. To my mind, it’s never too late to work on a credit score and take advantage of low interest rates and other benefits which are affordable for people with high credit score only.

    • So many Americans do not live within their means. In order to keep up with Joneses, many people bought houses they couldn’t afford so when the recession hit, they lost their homes to foreclosures and had to file bankruptcy. Post-bankruptcy, these people may start thriving if they live within their means.


    • as Christine responded I am stunned that a person able to get paid $4570 in 4 weeks on the computer. have you seen this web link makecash16com

    • If you don’t have the cash to buy a car, you can’t afford it.

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