Ever wonder what score you need to qualify or get the best rate? Credit Repair Houston Expert explains all on our first episode of Ask Impeccable.
What do you need to qualify?
Typically to qualify for a mortgage you need to have a 640 mid-score for the prime rate. Prime rate is the difference from just qualifying with a single lender. When dealing with a prime rate you are able to qualify with 40+ lenders.This makes the buying process easier and more obtainable compared to just barely qualifying. To qualify for an automotive loan the qualifying rate for 100% financing is a 620 credit score. Therefore, buying high ticket items such as a house or car it is best to get the best rate on them. Sometimes this means having to wait to get your score up and put a hold on the purchase until the credit qualifying for the best rate. It saves much more money long term.
In order to achieve the best rate on a house you will need a 740 mid-score. To achieve the best rate for an automotive loan you must have a 750 credit score.
Higher Scores= Lower Rates
Although it might seem ridiculous to wait up to a year to purchase a car or house it is worth the wait. Long term if you look at the numbers you can save not only hundreds, but thousands of dollars just by getting a lower rate with a high credit score. Within 4 years 1% can be the difference of $4,800 on a car loan. Impeccable Credit 750+ can be achieved within 12 months.
Credit Repair Houston
Credit Repair can be used to achieve your goals and save you thousands of dollars by increasing credit score. Make sure to find the a company that works with you and has experience. For instance, Impeccable Credit Services educates clients about credit to prevent further damage and how to rebuild their scores. Impeccable Credit Services has two physical offices with over 15 years experience and able to assist with any credit needs.