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Sometimes it can be tough to find out how your credit ranks

 
BY DON MECOY    Comment on this article Leave a comment
Published: February 15, 2009

Cutting up credit cards can be a good step for consumers seeking to control their budget. But you might not want to close the account.

Shutting down a credit card account can lower your credit score, and lower credit scores mean higher interest rates for credit cards, auto loans and even insurance.

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BY THE NUMBERS
High score means lower rates

Oklahoma rates on a 30-year, fixed-rate $300,000 mortgage:

FICO   Annual

Monthly

credit scorepercentage rate

payment

760-8504.72%…$1,560

700-7594.941%…$1,600

680-6995.117%…$1,632

660-6795.33%…$1,672

640-6595.758%…$1,752

620-6396.302%…$1,857

Source: Informa Research Services via myFICO.com

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Related Topics: Business, Personal Finance, Consumer Credit and Debt, Personal Credit Ratings, Credit Card Debt



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