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Employers and Insurance Companies and apartment complexes all want your credit information before making a decision about you.
You might want to clarify on your response. Employers and Insurance Companies don't care a single bit about your score. They only care that you don't have delinquencies and large amounts of debt. It's possible to have a low credit score without having either of those.
You aren't punished by the system. You can still purchase a home as long as you do it in a debt-free manner. You have to prove that you're credit-worthy. With no credit history, you're high-risk since there's no history of your being responsible with credit.
Actually, there is a way to get a home mortgage without having a credit score, with manual underwriting. As long as the buyer has documented history of paying rent on time for n number of years, along with documented proof of paying a handful of bills on time for a certain amount of time, they can get approved for a mortgage. This of course assuming that they make sufficient money to pay for the loan too. It is a little more painful, but not anything to complain about.
Having an 800+ credit score is nice but once you get to 740 it doesn't really matter anymore.
How did you come up with that 740 number? My Beacon 5.0 is very close, and I'm wondering if I should keep pushing for a higher score for a future mortgage.
How did you come up with that 740 number? My Beacon 5.0 is very close, and I'm wondering if I should keep pushing for a higher score for a future mortgage.
FICO scores are used as part of the factor the interests rate. They are usually group in tier. Beyond 750-760.. it makes no difference.
How did you come up with that 740 number? My Beacon 5.0 is very close, and I'm wondering if I should keep pushing for a higher score for a future mortgage.
I'm a mortgage loan officer and we use a tiered system to determine interest rates. After you hit 740 the rates don't get any better for you.
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