@Andi
Interesting conversation.
Valentina said:
@Andi
Saw a bank’s sign bragging about their ‘low’ home interest rate at 7.9%! Back when my dad refinanced, he got 1.8% and was so proud. Now they add like 6% on top of that, it’s mind-boggling.
Feels like people are paying student loan rates on houses these days.
@Andi
I had a surprise collection show up just before my mortgage application, caused by a misunderstanding with a cable company. I had to pay it off right then just to keep my deal. It was a small bill but dropped my score enough to cost thousands in extra interest. Bad experience with Spectrum, unfortunately.
@Sayer
Had a similar issue with Verizon. They said my address was in their service area but couldn’t actually provide service. Still dinged my credit with a bill!
Indra said:
@Sayer
Had a similar issue with Verizon. They said my address was in their service area but couldn’t actually provide service. Still dinged my credit with a bill!
They did the same to me—sold me a service that wasn’t even available at my house.
@Andi
This conversation keeps getting interesting.
Ella said:
@Andi
>A 1% difference on a home loan can be huge
For example, a $400k house with 20% down—the difference between a 7.5% loan and an 8.5% loan adds up to over $80,000 more in payments.
Lowering your rate by even a single percent can cost thousands over time.
Ella said:
@Andi
>A 1% difference on a home loan can be huge
For example, a $400k house with 20% down—the difference between a 7.5% loan and an 8.5% loan adds up to over $80,000 more in payments.
Yeah, interest makes a big difference. Unless you really need a new car, keeping your old one might be better. Rates are super high right now.
Ella said:
@Andi
>A 1% difference on a home loan can be huge
For example, a $400k house with 20% down—the difference between a 7.5% loan and an 8.5% loan adds up to over $80,000 more in payments.
How much does someone save if they bought in 2014, added square footage, and refinanced during the pandemic at a low rate? Assuming they initially put down 20%.
@Archer
An interesting question!
Ella said:
@Andi
>A 1% difference on a home loan can be huge
For example, a $400k house with 20% down—the difference between a 7.5% loan and an 8.5% loan adds up to over $80,000 more in payments.
Following this!
@Andi
Staying tuned!
Florence said:
They throw a party every month if you’re over 800! Used to be free drinks, but now it’s just soda because of regulations.
But seriously, you get better rates on loans, and that’s about it.
>You also get better interest rates on loans, that’s about it.
Some car insurance and rental agencies might also consider credit scores for rates or eligibility. Higher scores can help you secure better terms in these cases.
@Carly
When I started renting out my old place, credit score was part of the check. Higher scores usually win, though there’s no strict rule on what qualifies as ‘good enough.’
@Carly
The logic is that people with good credit tend to be careful, so insurance companies may see them as lower risk.
Florence said:
They throw a party every month if you’re over 800! Used to be free drinks, but now it’s just soda because of regulations.
But seriously, you get better rates on loans, and that’s about it.
Some jobs check credit too.
@Marlo
True, especially in jobs dealing with sensitive information. Bad credit could raise concerns about susceptibility to financial pressures.
Genevieve said:
@Marlo
True, especially in jobs dealing with sensitive information. Bad credit could raise concerns about susceptibility to financial pressures.
I work in intel, and we look at debt-to-income rather than credit score. Big debt from school loans is considered ‘good debt,’ but debt to credit cards is seen differently.
@Luka
This topic is really fascinating.
Genevieve said:
@Marlo
True, especially in jobs dealing with sensitive information. Bad credit could raise concerns about susceptibility to financial pressures.
Keeping this in mind.