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YOUR CREDIT IS UNDER A MAGNIFYING GLASS!
Posted by Naples International Group on Monday, April 6th, 2009 at 7:57pm.
The dicotomy of having the lowest interest rates not seen in decades is that with the current tightened credit restrictions, it's all for naught if people are being denied credit for mortgages. The policy has to change. Those restrictions must be loosened in order for the housing market to turn around. Fortunately living in Naples, a world-class destination, the situation isn't quite as dire as it is in the rest of the country.
Still it is extremely important that if you plan to seek credit you do everything within your power to safeguard your score, as well as try to strengthen and raise it if at all possible.
Remember the rate that you will pay will be solely based upon that score. Naturally if your score is lower, the greater the fees you will end up paying. Traditionally FICO is the most common type of credit score ranging between 300 to 850.
What you might have thought was a good credit score a few years ago might be significantly less so now!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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