Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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At O1ne Mortgage, we understand the importance of a good credit score in securing favorable mortgage terms. Whether you’re looking to buy a new home or refinance your current mortgage, having a strong credit score can make a significant difference. Call us at 213-732-3074 for any mortgage-related needs.
While a perfect credit score of 850 on the FICO® Score scale is impressive, it isn’t necessary to qualify for the best credit terms. Scores of 800 or better are often considered as good as perfect by many lenders. Your goal should be to achieve a score high enough to secure the credit you need with favorable terms and low interest rates.
A good credit score (670 to 739) can open doors to a wider range of credit offers and bring numerous benefits, including:
Here’s an overview of the minimum credit scores required for various forms of consumer credit:
For conventional mortgages, a minimum FICO® Score of 620 is typically required. FHA loans may be available with a score as low as 500, depending on the down payment.
Auto loans are available to borrowers with scores ranging from poor (579 or lower) to exceptional (800 or greater). Higher scores generally result in better interest rates and terms.
Unsecured personal loans usually require a good FICO® Score (670 to 739) or better to qualify for favorable interest rates.
While you may qualify for a credit card with a score as low as 600, better scores provide access to more options and rewards.
Maintaining good credit involves understanding the factors that influence your score and adopting sound financial habits:
If your credit score allows you to access the type of loan or credit you need at an affordable interest rate and terms, it is high enough for your current needs. By managing your credit responsibly, you can improve your scores over time and gain access to even better lending options. For personalized mortgage advice, call O1ne Mortgage at 213-732-3074.
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