 | What credit score is needed to get the best fixed rate for consolidating accounts? |
|
|
Question: What credit score is needed to get the best fixed rate for consolidating accounts?Any suggestions on how to raise credit scores in the range of 597-607 received from all 3 credit reporting agencies.I have 2 mortgages which was done by the mortgage company a couple years ago to help my credit and both have high rates, 1 car loan, 5 credit cards, and a small loan company. I have been paying more on my credit cards the last 3 or 4 months to get the balances down. I want to consolidate the mortgages and the car loan in the future. But, not sure how high a credit score needs to be for the best fixed rate.
Answer: -720 is definitely the highest tier as far as credit tiering goes.597-607 scores are pretty awful. They rate them as A but that's just the credit industry's way of trying to convince everyone that they have some form of "A" level credit.I personally wouldn't even think about touching a mortgage, or getting a new mortgage with scores that low. If you do, you're just throwing away money.Check out my credit section on my site for ways to improve your scores, and for ways to avoid lowering your credit scores even further. -Prime rates usually begin at 700, definetly at 720 or better. Listed below is a link to a free site which helps people fix their own credit and has sample letters to give to creditors. Keep paying your balances down, you want to use less than 30% of your available credit. http://www.creditinfocenter.com/... -There are ways to improve the score within a week and position the file for a better rate than you will get with that score.I write a blog and covered this. Check it out.: http://www.tomvoli.com/2006/11/06/rescor...
|
 |
|
| |
Submit Your Question
Home