[00:02] at a 760 credit score, you're looking at a roughly 6.5% interest rate to right now. So, your monthly payment on a 30-year mortgage is about 2528 per $510,000.
[00:14] loan, but with a 680 credit score and your mortgage rate jumps up to 7.5%. Your monthly payment is now 2797. That doesn't sound too different, it's only $270 more per month, but over 30 years, your total interest is $607,000.
[00:31] That's roughly 97K more in interest. So, that means we want to have the highest credit score as possible when applying for a mortgage, and here are three ways. less than 10%. That means if your available credit is $10,000, you never
[00:44] want to carry more than $8,000 balance. You can still improve your score with less than 30%, but under 10% can improve your score reportedly between 20 to 40 points. Number two is to become an authorized user on someone else's card.
[00:57] payment history and a high credit limit, but being attached to their card can three, check your credit report. If you have small negative impacts, you can dispute them and possibly get your score up.