Reply
Valued Member
Posts: 43
Registered: ‎06-06-2007
0

ARM/ FIXED/ WHAT?

What's the best option for an "improving" credit score of  571 ( I know horrible score). Should we get an ARM/ FIXED/ What?
 
We're hoping that our scores inprove by the time we settle/lock in rate which is a few months from now.
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

Re: ARM/ FIXED/ WHAT?

ARMs arent bad if you have the house you want to buy and your in position to refi within 2-3 years with a lower rate. I just closed on a 5/25 ARM with a 580 midscore in April with an APR of 9.99% and now Im working on refi with cash back since two of my scores are over 600 now.

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.