Results tagged “interest rates” from Payday Loan Quotes Blog

A relatively high percentage of credit reports contain errors. These errors can lower your credit score and cost you big bucks in terms of interest rates or qualifying for an interest-only mortgage loan rather than a 30-year traditional fixed-rate, for example. Therefore, it's a good idea to check your credit report for mistakes.

Look for the following:

• Identifying information that has you mixed up with someone else's activity
• Incomplete information
• Accounts that don't belong to you
• Payments reported as late but that you paid on time
• Debts paid in full that still show an outstanding balance
• Late payments and other negative events that took place more than 7 years ago, 10 years for bankruptcy

Credit scores are used by creditors and lenders to determine whether they will lend you money and what terms (interest rate, how much, etc.) you will be offered. Boosting your credit score will result in considerable savings - better loan terms and lower interest rates. Interest only and other subprime mortgage loans - those with less than stellar terms sold to borrowers with low credit scores or not enough money - have resulted in foreclosure for many homeowners when they couldn't afford the hiked payments.