Rental Kharma's Learning Center, Understanding Late Payment Penalties

It's actually 4th grade math. Let's break it down like it's school.

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Are you an overachiever trying to get that magical 850 credit score?
Did you get straight A's in school and expect the same of your credit score?
Let's look at this from a practical perspective!
The best interest rates for the 2 biggest purchases in our life, Home and Auto Loans, are offered to folks with a 720+ credit score.800 is great but it does not get you a better rate on your loan, it just make you feel a bit better.
Most folks that crack the 800 credit score barrier have had a mortgage for 15 plus years and a very old credit card for 20+ years.

A+ is 720 and higherAny points above that are similar to likes on Facebook, it makes you feel better, but it just does not make a real difference in reaching your goals.
700 to 719 is an AYou can get a mortgage or a car loan at a non predatory interest rate.
661-699 is a solid BYou could get a decent rate on a car loan less than 10%, however hold off on the mortgage until you break 700.
620-660 is a C, you still have work to do before getting a mortgage, if you need a new rental, this score will get you approved for a move in special .Do not take the advice to get your mortgage now and then refinance later when your score increases. You will spend thousands of dollars in additional commissions for the refinance.
600-619 is a Solid DThis is where the predatory lenders live, don't even consider buying a car with this credit score as you will be driving it to Bankruptcy Court.
599 and below is a F for Failing the class!Do not apply for ANY credit with this score as it will send you into a viscous financial cycle heading down a one way street to disaster.

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