Credit Scores - Fair Isaac Corporation

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Credit Scores
“If winning isn’t everything, why do they keep score?” – Vince Lombardi
Range is 300-850:
850 - 780 - Low Risk
780 - 740 - Medium - Low Risk
740 - 690 - Medium Risk
690 - 620 - Medium - High Risk
Below 620 - High Risk (sub-prime)
These are general guidelines since there’s no one “score cutoff”
used by all lenders. Be aware that in the last year most lenders
have RAISED their minimum score. Also know that your score
can change from month to month and can be different at each of
the credit bureaus.
How do poor credit scores hurt?
Typical rates for a 4-year loan on a $15,000 vehicle:
FICO score
APR
Monthly payment
850-720
4.601%
$343
719-690
6.236%
$354
689-660
7.859%
$365
659-620
10.761%
$386
619-590
18.870%
$447
589-500
20.434%
$460
People with these scores aren’t usually accepted for a
499 and below
loan through a financial institution.
Compare highest score
&
lowest score:
FICO score 850-720 = 4.601%
FICO score 589-500 = 20.434%
$343/month X 12 months = $4,116
$460/month X 12 months = $5,520
$4,116 X 4 years = $16,464 total paid
$5,520 X 4 years = $22,080 total paid
Difference = $5,616
Person with a high score saves $5,616 in interest payments alone.
(Plus a higher credit score can save you thousands of dollars on interest in
home loans, credit cards, insurance rates, & more)

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