There are multiple reasons that tell us why we should have a 700+ Credit Score, but these five facts will definitely give you the big picture and hopefully will drive you to want to fix your credit score starting today.
Fact #1: Did you know that consumers with Credit Scores of 700+ are likely to get interest rates up to four points lower than those with scores under 640.
Fact #2: People with Credit Score below 620 won’t get approved for a home mortgage 97% of the time. Therefore if this is your case, you’ll have to keep renting forever!
Fact #3: The interest rates for Jumbo Loans in today’s market are as low as 5% in interest only loans, for 10 years. Only for consumers with FICO score of 720+. Do the math.
Fact #4: Were you aware that you can finance a brand new car for up to 60 months at 0% APR, if your credit score is 700+.
Fact #5: Did you know that there are multiple credit cards companies offering 0% APR not only for balance transfers, but for purchases for up to 18 months… of course when you have a 700+ credit score. Imagine the possibilities!