Frequently Asked Questions(FAQ)

What’s considered a good credit score?

A good credit score falls between 670 and 739 on the FICO scale. Shooting for a score of 700 or higher or trying to get to the U.S. average credit score of 714 will help you get access to lower interest rates, higher borrowing limits, and more borrowing flexibility.

Can you pay a company to repair your credit?

If you struggle to repair your credit yourself, you might want to consider credit counseling. The other option is to hire a company to repair your credit. But for a cost of $20 to $150 per month, it is often cheaper to take the steps to repair your credit on your own. Further, there are many credit repair scams out there that borrowers need to be aware of.

Is it possible to repair your credit score by yourself?

It is possible to repair your credit score by yourself, especially if you use the tips in this article. Start by checking your credit report for any errors. Next, set a budget, such as the 50/20/30 system, to ensure you can live within your means. Be sure to pay your minimum amount due each month, and pay more than the minimum due whenever you can to help you pay off your debt faster and save on interest. 

How do I fix my credit enough to buy a house?

The minimum score needed to buy a house can range from 500 to 700. But most conventional loans will require a score of 620 or 660 or higher, depending on the lender. The higher the credit score, however, the better interest rate you will get. For example, if your credit score is 660, you may get an interest rate of 6.68%. But if your score is 740, your interest rate may drop to 6.29%. Consider a $250,000 mortgage at 6.68%. You can anticipate a monthly payment of $1,610. But if your interest rate is only 6.29%, that payment drops to $1,546, saving you $64 monthly.

About the Authors

Ann Bloomquist

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann have been a marketer and a content writer for over 20 years. She have worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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