The chart above gives an estimated example of interest rate you will receive for a 30-year mortgage based on a 300,000 loan based on your credit score.
Understanding the basics of how credit is measured, you can do a better job improving and maintaining your credit score and credit history. There is a system called "The 4 C's Of Credit" businesses go by to determine if an individual or another company will pay on time if they lend out money. There has been talk about adding more C's to the system like "Capacity" to minimize risk even further but we will stick to the standard here.
1. Character
2. Capacity
3. Collateral
4. Capital
Character
- Payments - Have they been on time?
- Delinquent accounts - Are you late on payment(s) for a specified time? 3 months?
- Available credit - How much have you used up on your loans? How much left?
- Total Debt - How much do you owe on everything?
- Over all Payment History - Good or Bad?
- Capability - How likely are you to miss a payment?
- Your Income - How much do you make?
- Do you have assets to secure a loan incase your default? A Car Loan? Mortgage?
- Do you own stocks, bonds or something of value you can sell that can be used to pay off the borrowed amount?
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