@DallasLoanGuy wrote:no. after 740 there is no improvement
When looking at the credit report that I purchase here says otherwise. Is the info correct or not ?
Thanks
Average interest rates for your score
A good FICO® score can qualify you for cheaper interest rates on all kinds of loans. Shown here are the average interest rates now offered to consumers with your FICO® score. The interest rate you can receive may differ, however, because lenders look at other factors besides your score when deciding your interest rate.
A better FICO® score can result in huge savings on a new loan.
Take the example of borrowing $200,000 on a 30-year mortgage. If your score dropped from 761 to 620, you would pay $193 more each month in interest.
30 year mortgage Score Rate
| 15 year home equity loan Score Rate
| 48 month auto loan Score Rate
|
| Home equity line of credit (under $50,000) | 4.973% | Home equity line of credit (over $50,000) | 4.92% |
| 30 year jumbo mortgage | 4.112% | 10 year home equity loan | 6.949% |
| 15 year mortgage | 3.346% | 15 year jumbo mortgage | 3.346% |
| 1/1 ARM | 2.767% | 1/1 jumbo ARM | 2.767% |
| 3/1 ARM | 2.635% | 3/1 jumbo ARM | 2.635% |
| 5/1 ARM | 2.633% | 5/1 jumbo ARM | 2.633% |
| 7/1 ARM | 2.807% | 7/1 jumbo ARM | 2.807% |
| 10/1 ARM | 3.116% | 10/1 jumbo ARM | 3.403% |
| 36 month auto loan | 4.593% | 48 month used auto loan | 6.216% |
| 60 month auto loan | 4.678% |
Accurate as of June 09, 2011. Source: Informa Research Services
Do lenders see you as a risky borrower?
The reason consumers with good FICO® scores get better interest rates is because they pose less risk of missing payments or defaulting on a loan.
Your FICO® scoreRisk rateAnalysis| 761 |
| 2% |
| Most lenders would consider consumers in this score range as extremely low risk. |
This chart shows that consumers with low FICO® scores have a high risk rate, and consumers with high FICO® scores have a low risk rate. The power of the FICO® score to predict which borrowers are risky and which are not is one reason why so many lenders use FICO® scores in making loan decisions.
Risk rate*
FICO® score range
FICO® score range* Defined as the percentage of borrowers who reach 90 days past due or worse (such as bankruptcy or account charge-off) on any credit account over a two-year period.
So the target score or should I say middle score should be 740 or better?
What's kind of APR can I expect right now if I had a 740 for a 30yr fixed?
It seems that for the best rate, one should aim for 760 and above for middlescore. It tells me that in MA with a score 760 and up my APR for 30 yr fixed in 4.07