Profile picture for mbuckler

if my wife and i have a credit score of in the high 600's to low 700's...what does this mean?

  • April 18 2009 - Redlands
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Answers (5)

Profile picture for Blue Nile
By the way, a 1/2 percent change in interest rate or 1 percent change in interest rate may be no big deal to you, but on a $175k 30 year fixed rate loan, this could amount to a difference of $52 to $110 per month, and thus a difference of $18.5k to $40k over the life of the loan.

  • April 19 2009
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Profile picture for Blue Nile
No one has a FICO score of less than 750 with no late payments, unless they are substantually over extended on credit.
The computer programs that generate the scores are very simple, and the data is well published.

  • April 19 2009
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I have a FICO of 680 with no lates and got approved to $175K.

You guys are in good shape and go for it.

Pasa is living in a dream world of cheap booze and the bible.

[inappropriate comment, removed by moderator]
  • April 18 2009
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Profile picture for Blue Nile
Ever thought about setting up "auto deposit" on your paycheck(s), and autopayment on your major regular bills?  This won't help with the overspending, but it could help tremendously with eliminating the potential "late" problem.

Most banks will set those things up for you for free, and it is well worth the effort.
  • April 18 2009
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Profile picture for Blue Nile
It means that you and your wife have not been paying your bills on time.

Really, if you want to be "fiscally responsible", and you want people to give you good terms on loans and other credit...  you need to be more diligent in paying promptly!

You can fix your credit scores with all three agencies; just pay all your bills on time, and pay extra, and stop applying for extra credit cards and potential car loans...  And if you have a negative item on your reports, contact the company that filed the negative statement and work things out with them!

Since the two of you have not been diligent about these things in the past (or have been overspending on credit...), you may need some extra help, such as a computer program, or naging father in law, or a councilor at one of your local associations.

If you will never need credit or a major purchase, it may not matter.  Otherwise, it is cheeper to fix your patterns now than to live with the consequences later.

  • April 18 2009
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