About
Us
Since many people are plagued with various
credit problems, ImprovingYourCredit.net
was created to aid them in improving their
credit status. This site was made after we
were reminded of how much a person with a
low credit score could be at such a
financial disadvantage.
For example, if someone with a credit score
between 760 and 800 were to apply for a
$250,000, 30-year, fixed-rate mortgage, they
would qualify for a rate of 5.9%. This would
then make their monthly payment $1,482.84. Now,
if someone with a credit score of between 660
and 679 were to apply for the same exact loan,
their interest rate would be 6.51%. Their
monthly payment would then be higher, having to
pay $1,581.81. Clearly those with scores lower
than 760 would have to pay more. Someone with a
credit score of 620 to 639 might qualify for an
interest rate of 7.49%, making their monthly
payment a mammoth $1,746.32.
In this instance, the person with a credit
score between 660 and 679 would pay $1,187.84
per year extra in interest as opposed to the
person with the outstanding credit score of
between 760 and 800. Over the 30-year term of
the loan, that's an extra $35,629.20 in
interest fees alone. In the meantime, the
person with the credit score between 620 and
639 would pay $3,161.76 per year extra in
interest compared to the person with the good
credit score between 760 and 800. This means
that over the term of the loan, the person with
the lower credit score would pay $94,852.80
extra in interest compared to someone with what
would be considered excellent credit.
Therefore, if you have an above average or
excellent credit score at this time, it is
important to keep it up. There are far too many
people that do foolish things that hurt their
credit such as: making mortgage payments late
or skipping credit card payments. The negative
impact on their credit scores is devastating.
One late mortgage payment alone that gets
listed on your credit report could cause you to
get declined for a loan. Or worse, if you
attempt to refinance your mortgage, need to
apply for a new mortgage as a result of a move,
or apply for a home equity (or home
improvement) loan or second mortgage, you might
be offered a drastically higher interest rate
with a loan containing extra fees.
We hope that the tips we offer here at ImprovingYourCredit.net
prove to be useful. The methods and
products mentioned in this site are meant
to aid you in credit repair. In addition,
over time, we hope that the suggestions
mentioned in this eventually raise your
credit score.