How Your Credit Score Can Drive
Interest Savings
Provided by the credit scoring experts at myFICO.com
Did you know that you can learn the auto and home loan interest
rates you are most likely to be offered by lenders in your state
based on your FICOÒ credit risk score? Now available free
at myFICO.com, this matching of FICO scores with current interest
rates can help you see how to qualify for more favorable credit
terms from lenders.
In addition, calculators on the site help you determine the value—in
hard dollars and cents—of improving your credit score over
time. For example, a consumer with a FICO score of 600 today could
qualify for a 30-year, fixed-rate mortgage of 10.1%
(national average). If they improved their FICO score to 675 before
applying, they could potentially save $400 per monthly mortgage
payment, or $144,000 over the life of a $200,000 mortgage by knocking
nearly 3.0% off their average interest rate offer.
FICO scores, developed by Fair, Isaac and Company, are a snapshot
for lenders of a person’s credit risk. They are the most
widely used credit risk scores in lending. Quicken has recently
teamed with Fair, Isaac to provide access to your FICO score via
Quicken’s Bills & Banking channel.
In a single visit to the myFICO site, you can get your current
FICO score, the matching loan rates, an explanation of your score
and the underlying Equifax credit report, as well as personalized
suggestions for improving your score.
For more information, visit
the myFICO website.
Copyright© 2001-2002 Fair,
Isaac and Company, Inc. All rights reserved.
|