What is the Credit Scoring Process? (Part 2)

What the credit scoring model seeks to qualify is how likely the consumer is to pay off their debt without being more than 90 days late on a payment at any time in the future. Credit scores can range between a low 300 to a high 900. The most common scores 400 low to 850 high. The higher the score the less likely the borrower will default on their loan. Approximately 1 out of 1300 people in the US has a credit score over 800. These borrowers get the best interest rate available in the market. On the other side of the spectrum 1 out of 8 borrowers are faced with the reality they may not qualify for a loan because their scores are between 500 low to 600 high. Which category do you fall in? Don’t go in blindly when looking for new credit get your FREE credit report at https://www.annualcreditreport.com/ for GREAT FREE finance calculators go to http://www.questgroup-usa.com/EBMS/Images/Templates/MortgagePal/General/Calculators.asp