Your Credit Score And The Price You Pay For Credit: Fill & Download for Free

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Hard-work equals money — A garbageman works harder than an air-conditioned employee, who gets paid more? Wealthy know you get paid in proportion to how rare your skill is. Anybody can collect garbage but not everybody can market a product or close a sale.Rich people are extravagant — People who make their money with financial skills aren’t extravagant. You won’t see Mark Zuckerberg buying Gucci because he knows it’s a useless expense. Spend your money wisely and avoid stupid expenses.Wealth is made quick — Middle-class sees success as overnight. Wealthy knows that even if an actor signs a big contract over-night, it’s years of practice, rejection, and persistence they get paid for.Confusing assets with liabilities — Middle-class buy a car before investing. They think a car is an asset that you can always sell. Wealthy knows, only what appreciates in value/money is an asset. Stocks, index-funds, real-estate will grow in prices, whereas your car will only decline.Credit-cards are evil — Middle-class either abuses credit-cards or avoids them. Wealthy uses credit-cards to build credit scores. If you charge your credit-cards with little money and pay the bill without delay, your credit score will increase which will help you in future loans.All debt is bad — Wealthy knows there is good and bad debt. Bad debt is high-interest debt like credit cards, student loans, medical bills that lose you money. Good-debt is a long-term low-interest house loan or a business loan where you know you will make more than the interest you pay.Improving skill over anything — Wealthy knows your skills determine the quality of your work. The more quality you provide the more you get paid. While middle-class curb expenses on books, courses, coaches, wealthy invest freely in them. They know they will make their money back when their skill improves.

An 850 score—the highest score on the most commonly-used FICO scale—is laudable. It means that you pay your financial obligations scrupulously, that you carry little or no revolving debt (credit cards), and that you have had a number of accounts for many years. Kudos.But “kudos” is about all you get in the housing market with a score that high. That, and bragging rights.Lenders adjust the rate a borrower can get according to their credit score. This is called risk-based pricing, and is used by all lenders who sell their loans to Fannie Mae and Freddie Mac—in other words, almost all mortgage lenders.A borrower will get the best rate with a score of 740 or higher. There is no pricing benefit for an exceptionally high score.If you put less than 20% down when buying a home, the lender will require some form of mortgage insurance. You’ll get the best rate with a score of 760 or higher.The difference between a score of, say, 760 and a score of 850 is minimal. Both will have a flawless payment history and will not have an excessive amount of revolving debt (under 30% of the credit limit). But the 850 borrower will likely be in the habit of paying off their revolving debt each month, so the amounts appearing on a credit report will be close to zero. The average age of their accounts will also likely be older than for the lower-scoring borrower. The “age of credit” makes up 15% of the credit score. Amount owed on credit card makes up 30%.From a prospective lender’s standpoint, the two credit reports might as well be identical. Both borrowers pay their bills on time and carry little expensive revolving debt.But a score of 850 shows that you pay attention to your financial obligations at a high level. Don’t stop doing what you’re doing. Again: kudos.