‘Fair’ vs. ‘Very Good’ Credit: The Impact on Mortgages

‘Fair’ vs. ‘Very Good’ Credit: The Impact on Mortgages 

Consumers who make efforts to raise their credit scores from “fair” to “very good” may see big payoffs. LendingTree researchers analyzed loan request and average loan balance data to see how a lower credit score can increase borrowing costs for the average consumer. They compared the impact across several types of debt: mortgages, student loans, auto loans, personal loans, and credit cards.