Good credit vs. bad credit: What is the difference?
Some people have experienced good credit and then end up getting bad credit due to life situations, for example, illness, death, divorce, layoff, etc. If you have had good credit and fell into bad credit, there is still hope! It can take a person 6-24 months to fix their credit to get back to good credit.
Good credit vs. bad credit TERMS
Good credit terms are usually rates that you see advertised at banks and credit card companies. Some terms that are offered is ‘No payments or no interest' for those who have good credit.
Bad credit terms are not advertised and can be 2-5% higher that what is usually advertised. For example, a bank may advertise a mortgage for 5.5% interest rate. Once they run your credit, you find out that you don't qualify for that interest rate and your interest rate is actually 8.5%
Good credit vs. bad credit PAYMENTS
Let's look at the payment difference between good credit vs. bad credit:
Good Credit vs. Bad Credit Payments
Monthly interest-only payment
The difference between good credit vs. bad credit will affect how much house you are able to buy, not to mention putting the monthly difference into your pocket and NOT to INTEREST.
As you can see, it is imperative to get the best credit score possible and that is the main reason why people buy our Rent-to-own properties. We will help you get good credit vs. bad credit.
WA Real Estate Solutions
Do you know any one who needs to:
-Sell their house AS IS at a fair price?
-Buy a property on our Rent-to-Own program?
-Invest in real estate?
We have creative WIN WIN solutions for everyone involved.