Melissa Ezarick wrote an article for Bankrate.com that contains important information for anyone who is thinking of purchasing a new home or refinancing:
A few years ago, a score of 620 or higher was good enough. That increased to 680 in early 2008. Then it jumped to 720 in April last year and 740 in August, says Rodney Anderson, senior managing partner of Plano, Texas-based Rodney Anderson Lending Services.
In the past, any score of 700 or higher would get a double thumbs-up from credit experts. Now, rate adjustments begin kicking in at 740, with every 20-point drop adding another adjustment.
In other words, many people who were taking pride in their credit habits either must pay significantly higher or try to make quick changes to nudge their scores upward….
To read more, visit – http://finance.yahoo.com/news/Good-credit-score-of-past-not-brn-3145613434.html?x=0&.v=1&.pf=real-estate&mod=pf-real-estate
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