Found 1 blog entry tagged as credit score.

Do you know your credit score? Whether you’re on the lookout for a home or you’re upgrading in the near future, this three digit number can be the difference between getting approved or getting denied a mortgage. Credit scores range from 300-900, and the higher the number, the lower your interest rate, and the greater the chance that your mortgage gets approved.

But your credit score doesn’t come out of thin air. The number represents the odds that a lender will get the money back that they lend you, and the higher the number, the better the odds. If someone’s score is 580, it means that “580 people out of 850 are likely to repay their debt.” If someone’s score is 780, it means that “780 people out of 850 are likely to repay their debt.” But your…

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