What Is Your Credit Score?

http://rcxloan.com/what_is_your_credit_score.htm

“A good name is more desirable than great riches; to be esteemed is better than silver or gold.” - Proverb 22:1

Praises & Thanks be unto The Lord My God for the wisdom, knowledge and understanding on legal matter because I received countless feedbacks from folks facing foreclosure and bankruptcy around the United States as follows:

Comments: "I have been inundated with TILA questions. So I went out hunting to see if anyone had already written about it in terms that a lay person might be able to understand. What I found is shown below. I believe it to be generally correct and the citations are good citations of law. See this site for the entire write-up. It should give most lay people an idea on how to handle this and it will be valuable to your lawyer if he/she is not totally familiar with the TILA context at the following link:" http://rcxloan.com/Civil_Action_BK_Motion_14.htm. Statement made by Attorney at Law, Neil F. Garfield, M.B.A., J.D.

What is your credit score?

Bad credit can disrupt your life . That's why, in addition to paying bills on time, it's important to check the accuracy of your credit reports several months before applying for a mortgage or car loan. These days, you can find out your credit scores, this is how a lender calculates your credit worthiness.

Why do you need to know your scores?

The lower your scores, the higher risk you are to a lender and the less likely you will be able to get the best rates on a loan. Checking your score with the three major credit reporting agencies before you apply for a loan can save you money if you catch a mistake and correct it. According to Howard S Dvorkin, President of Consolidated Credit Counseling Services, the difference between a good scores and poor ones can translate into over $100,000 over the life of mortgage!

Most lenders use the Experian score system known as FICO, as developed by Fair, Isaac, and Company. Several Factors go into your score including bankruptcies, years of credit use and the number of inquiries made on your credit. Most Consumers FICO score falls between 300 and 850. 60% score above 700, 27% score between 500 and 599. The way lenders view credit scores varies greatly, but generally speaking, this is a rough guide to how your score may be perceived.

Where do you rank?

700 and above EXCELLENT - You will get the best rates available

680-699 GOOD - Lenders will be favorable, but you should make moves to improve your score. Expect to qualify for rates 1/2-1% higher then excellent.

620-679 AVERAGE - The lower the score on this bracket, the more collateral lenders will require. Expect to qualify 1-2% higher then excellent.

580-619 Subprime - Scores in this range are often referred to as "A-" credit. You may have to put more down and pay a higher rate than most borrowers.

Below 580 - Often referred to as B/C credit, you can expect to qualify for adjustable rate mortgages (ARMS). Consumers in this range will pay a substantially higher interest rate and may not get the most favorable terms.

Your credit score is important. It can be a basis for everything from car insurance rates to rental applications.

I can be reached for a FREE consultation at (cell) 617-202-8069 or (703) 584-5998,



it's FREE, there is no obligation whatsover...! Sincerely, Pierre R. Augustin, MPA, MBA

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