Credit Update: 8/10/2009 FICO® >760•5.048% APR, FICO® <639•6.637%. Best FICO® saves $109,440 in interest on a $300,000 30-Yr Fixed Mortgage.
August 10, 2009 by VideoCreditScore-Andy
Filed under Credit News
Rates are above 5% again for the best credit folks. The savings difference improved – $109,440 in savings just from jumping from a sub-639 score to a 760+ over a 30-yr fixed. This equates to $3,648/yr. Rates have worsened by 232 basis points just in the last few weeks. In fact, four weeks ago, a 700 FICO would have given you the same APR as a 760 FICO credit score gives you today.
August 10, 2009
July 20, 2009
July 12, 2009
Credit Update: 7/12/2009 FICO® >760•4.816% APR, FICO® <639•6.405%. Best FICO® saves $108,000 in interest on a $300,000 30-Yr Fixed Mortgage.
July 5, 2009
Credit Update: 7/05/2009 FICO® >760•4.968% APR, FICO® <639•6.557%. Best FICO® saves $108,720 in interest on a $300,000 30-Yr Fixed Mortgage.
June 28, 2009
Credit Update: 6/28/2009 FICO® >760•5.120% APR, FICO® <639•6.709%. Best FICO® saves $109,000 in interest on a $300,000 30-Yr Fixed Mortgage.
June 21, 2009
Charts source: MyFICO and Inform Research Services
Credit Score Usage and Employment
August 6, 2009 by VideoCreditScore-Andy
Filed under Episodes
The House of Representatives has a new bill– The ‘Equal Employment for All Act’ (H.R. 3149) – would amend the Fair Credit Reporting Act (FCRA) to block the use of consumer credit checks against current and prospective employees during hiring/firing process. This would prevent employers from using credit scores as part of pre-employment background checks.
Here’s an excerpt from the release:
HR 3149, The Equal Employment for All Act, would give some of our most vulnerable, “credit-challenged” citizens —students, recent college graduates, low-income families, senior citizens and minorities— the opportunity to begin rebuilding their credit history by obtaining a job. Far too often, employers turn down these applicants because they have erroneously linked credit scores to potential job performance.
Employers and Credit Scores
But, the critics will claim that this statement has (at least) one flaw in it. It assumes that the key to rebuilding credit is employment. Yet, employment isn’t a credit score factor. The proponents are making the claim that employment will equal more money and more ability to pay down credit card balances and pay on time.
Opponents will counter that hiring is a risky practice and that information that can mitigate that risk should be used.
Of course, like every bill, it has its exceptions: occupations with national security clearance, FDIC clearance or important financial responsibility (e.g. bank managers, loan officers or financial managers).
Don’t count on this getting passed. It might get enough support, but it might get an equal amount of resistance. Since 1 in 5 companies engages in the practice of credit checks, you want to make sure you have a good credit score.
Original photo element by roysantos
