I am now monitoring my Equifax score using myfico, and playing around, I noticed the alert setting:
"Send an alert when:
FICO Score change qualifies you for a different interest rate on a... 30 year mortgage / 15 year home equity loan / 48 month autho loan.
Basically they are claiming that the thresholds for better credit for a mortgage are: 620, 640., 660, 680, 700, and 760 and that for auto is is 500, 590, 620, 660, 690, and 720. For example they say that above 760 you would get a 30 year mortgage for 3.335% and above 700 you would get 3.557%, etc.
So this raises two obvious questions:
1) Are these thresholds actually industry standards, as there is a sharp meaningful difference between a score of 759 and a score of 760 for a mortgage?
2) Are these rates meanignfully representative of what you would get at those score levels?
Thoughts?
