Different Credit Scores for Different Financial Services
Applying for a car loan? Qualify for a home mortgage? Looking to get a credit card with a lower APR so that you can save on interest? End your need for prepaid phone service?
If you want to change your life by getting a better apartment or applying for a new job, then chances are your credit score is important. No one wants – or deserves – a bad credit score. Here are some key credit score markers that you need to know – as you walk along the path to better credit.
What you can get with credit score of 500+
- Standard credit cards with low credit limit, no rewards, no membership fees, and no prepayment
- APR usually ranges between 15.65% and 36%
What you can get with credit score of 620+
- Fannie Mae and Freddie Mac approved mortgages with fixed rate loans with minimum score of 620 and adjustable rate mortgages with minimum credit score of 640
What you can get with credit score of 640+
- Cell phone plan without having to prepay
- Major cell phone providers look for a minimum score of 640 for monthly cell phone plan approval
What you can get with credit score of 650+
- Utility bill without paying deposit
- Bad to no credit typically yields a higher deposit
- Continuously paying on time for approximately 18 months can result in a return of the deposit
What you can get with credit score of 680+
- Preferred auto financing from the manufacturer and which is often subsidized
- Financing is split into two types of cars – economy cars, with credit score starting at 690 for standard sedan and 710/715 for standard SUV, and luxury cars with credit score of 680/710
- For luxury cars, credit score is only 30% of the decision, as they also take into account other factors, like credit history, current income, and check stubs
What you can get with credit score of 690+
- Best apartments, with good apartments often requiring a minimum credit score of 690, and excellent apartments with credit scores starting at 720
What you can get with credit score of 700+
- Better credit cards, including those with rewards programs such as points and cash back, and lower APR to save on interest
What you can get with credit score of 720+
- Most lenders require a minimum score of 720 for approval of a jumbo mortgage of $600,000 or more
Having a good credit score is essential if you want to apply for a loan, be approved for a low mortgage rate, end your need for prepaid phone service and in general, change your life.
As a renter, your monthly payment to your landlord is often your single biggest expense. Yet those on-time payments have ZERO impact on the calculation of your credit score. If you pay your rent on time, you deserve the same credit score as a homeowner who pays their mortgage on time.
RentReporters enables renters with no or low credit scores, as well as those with good credit scores, to proactively impact their scores by simply having their on-time monthly rent payments automatically reported to TransUnion, one of the three major credit bureaus.
RentReporters is empowering people to change the course of their future based on consistent and responsible financial behaviors. Change your score, change your life.