Posting ID : A1068503939
Date Posted : 2015-08-19
Category : Financial Services
If you have ever been approved for a credit card, you can rest assure they have come along with the cost of an interest rate. In the USA, interest rates for credit cards can vary from 6 percent to 36 percent! Furthermore, your credit score is a big factor for granting a specific credit limit.
If you're looking to purchase a home, most likely you will be seeking a mortgage loan. And any financial institution will be looking at your credit score and report during the process. Your credit rating puts you in categories. Having bad credit puts you in a high risk category which typically means higher interest rates or loan denial. The difference between a 3.5% and a 4.5% interest rate on a 30-year $250k mortgage is over $50k in interest!
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