Power of the credit score.
Long time friends wanted to refinance his home loan and get rid of paying mortgage insurance but because he had a 678 FICO, the interest rate was going to be much higher than his current loan.
Didn’t make sense.
He was never late on anything. No
collections or bad credit reporting.
He just had two credit cards maxed out because they bought furniture and then financed appliances but the balance was pretty close to the limit on the two credit cards.
They applied for an installment loan through Lending Club and consolidated the two credit cards
on to one 3 yr installment loan cheaper than the minimum payments combined.
Now 30 days later, his score is 720 and the interest rate will be lower than what they have now.
He also was able to lower their home and car insurance payments.
And I get to help them with a refinance! #color #colormylife #colormycredit #colormymoneyclub #influentialwomen #crediteducation #followme #glutz #glutzgroup #cherrycreekmortgage #instagood #moneymoves
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