May 9th, 2012
What Is a Good Credit Score? Part 1
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First, it’s important to keep in mind that you have several different credit scores. For example, on Credit Karma you get your TransUnion New Account Score, which has a range of 300-850, and your VantageScore, which has a range of 501-990.
Let’s say you need a mortgage for a new home. On an 850 scale, you’ll need a score of 720 or above to lock in the best interest rates for a conventional loan. A score between 620 and 650 might also get you that loan, but with a higher interest rate, which can cost you thousands of dollars over the life of a loan. In other words, a good credit score will save you money.
Now, 720 is just a guideline. Depending on the type of credit score used and other factors, the number you need for the best interest rates will vary. Still, it’s a good goal to aim for.
Stay tuned for our next video, where we’ll explore this topic further.
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