Quote:
Originally Posted by docstudent
My FICO score is a 742, anything above 700, will get you a good rate. There is not a major distinction between a 720 and 800, from what I have been told by financial experts. Do not miss any payments, and keep a healthy balance between available and used credit. I have access to about $40,000 in available credit and I have a balance of $3,000.
|
It depends on the type of the loan that you're applying for. For example, you can usually get the best rate on a 30 year fixed mortgage, if your FICO score is above 760. For a HELOC, your score needs to be above 740. And for a car loan, 720 is good enough. I am subscribed to Equifax Score Watch, which tracks my credit score over time, and it also shows what interest rates I can get with my score. I made some screen shots showing different score ranges and the corresponding average national interest rates for different types of loans, which you may find interesting.
30-year fixed mortgage
$50K HELOC
36 month car loan
