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How Rates Are Linked To Credit History
Good Credit and Lower Interest Rates Are Synonymous
A lender will be assessing the levels of probability that gauge whether
or not you are likely to default or go the full term. All of the factors
that we have already covered are used in that process. If you do default
it is at great expense and creates many problems for the lender. He needs
to be most assuredly confident that you will honor the terms of the agreement.
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What Is High Risk and What Is Low Risk?
Low Credit Risk
If you are someone with a good credit history, a good and steady income
and a presently low level of commitments, you will be viewed in a better
light than others. You may even be offered a preferred rate of interest
High Credit Risk
However, if you have changed jobs frequently or recently or you've had
radical shifts in your income level, been tardy or remiss in making
payments to creditors in the past, or are already greatly extended financially,
you will be considered a high-risk candidate by the lender. If these
are issues germane to your case you will be required to pay higher rates
and come up with a larger down payment to off set those factors.
You can rebuild your credit though with a good financial plan and
by allowing the process to work for you, as slow and frustrating as
that process may be.