TAILIEUCHUNG - YOUR CREDIT SCORES - CREDIT SCORES ARE VITAL TO YOUR FINANCIAL HEALTH

One other piece of history is important: In the early 1970s, the basic business model of the large rating agencies changed. In place of the “investor pays” model that had been established by John Moody in 1909, the credit rating agencies converted to an “issuer pays” model, whereby the entity issuing the bonds also pays the rating fifi rm to rate the bonds. The reasons for this change of business model have not been established defifi nitively. Several candidates have been proposed. | jge ratecredit score FICO paymenthistory debt installment loan APR credit scoremortgage rate installment loan APRpayment history debt mortgage ratecredit score 72Ụ 003 QỤỤ oou 740 O2Ụ 72Ụ 005 Your Credit Scores Credit Scores Are Vital to Your Financial Health A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information in your credit report. Why Do Your Scores Matter Credit scores affect whether you can get credit and what you pay for credit cards auto loans mortgages and other kinds of credit. For most kinds of credit scores higher scores mean you are more likely to be approved and pay a lower interest rate on new credit. Want to rent an apartment Without good scores your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone electricity or natural gas service. Lenders look at your scores all the time. They look at your scores when deciding for example whether to change your interest rate or credit limit on a credit card or whether to send you an offer through the mail. Having good credit scores make your financial dealings a lot easier and can save you money in lower interest rates. That s why they are a vital part of your financial health. For Example Consider a couple who are looking to buy their first house. Let s say they want a 30-year mortgage loan and their FICO credit scores are 720. They could qualify for a mortgage with a low percent interest rate. But if their scores are 580 they probably would pay percent or more that s at least 3 full percentage points more in interest. On a 100 000 mortgage loan that 3 point difference would cost them 2 650 dollars a year adding up to 79 500 dollars more over the loan s 30-year lifetime. Your credit scores do matter. Interest rates are subject to change. These rates were offered by lenders in 2008. This publication has been

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