The credit scoring model seeks to quantify the likelihood of a consumer to pay off debt without being more than 90 days late at any time in the future. Credit scores can range between a low score of 350 and a high score of 850.
The higher the score, the better it is for the consumer
A high credit score translates into a low interest rate
This can save literally thousands of dollars in financing fees over the life of the loan
Only one out of 1,300 people in the United States have a credit score above 800
These are people with a stellar credit rating that get the best interest rates
On the other hand, for the lower credit score
One out of every eight prospective home buyers is faced with the possibility that they may not qualify for the home loans they want
Due to a score falling between 500 and 600
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Eagle, ID 83616
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