Prior to a few months ago, there was basically no difference between a credit score of 650 and 800 for most loans. Whether you were looking to get into a car, a home, or simply a new credit card, a score above 650 would land you the best interest rates and loan terms 90% of the time.
Those days are clearly gone, as risk-adverse lenders are only willing to extend credit to the highest qualified consumers in this market. A FICO score of 750 or higher appears to be the new magical number, so make sure you know where you stand before initiating negotiations with your lender. Click here to find out your credit score today.
