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645 Credit Score
It is very important to know your credit score if you intend to get a loan for a car or a mortgage for a house. Depending on your credit score bank will decide what kind of rate they will give on your loans and how easy would it be for you to get a loan.
Make sure that you know your score and have your credit report on hands before going to a bank to get a loan. It is possible to get one free credit report from the governmnt each year now. So use this chance to get it.
Learn how you can improve your credit score and lower your payments.
There are multiple ways of improving your 645 credit score. The simplest one is to wait for some time without taking new loans and paying old ones on time. It also makes sense to pay out credit cards every month and don't max out them. Make sure that you don't get any issues with collections and try to prevent your bills from going to collection by all means.
If based on your 645 credit score bank gives you a rate which is way to high try to save more cash for downpayment to avoid getting loan which isn't affordable.
If your score is 645 then you would get 5.73% APR on your mortgage. Your monthly payment on a $300,000 (0% downpayment assumed) mortgage would be equal to $1,747. Your total payments with credit score 645 would end up being $328,887.
Does your payment look too high for you?
Get exact calculations with our free calculator. It can show you detailed breakdown of your payments and what will happen if you improve your credit score and get smaller APR.
The table below shows you how your credit score range impacts monthly payments on $300,000 mortgage so you can get an idea what will change if you get into a higher range.
You can also get information about your credit score directly from credit union agencies below.
800-685-1111 or 888-873-5392
P.O. Box 740241
Atlanta, GA 30374-0241
TransUnion Bureau mailing address and phone number:
800-916-8800 or 800-888-4213
P.O. Box 2000
Chester, PA 19022-2000
P.O. Box 2104
Allen, TX 75013-2104
You can retrieve your free credit report and free credit score from the government as described in the linked article.
A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus.
Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The term "credit reputation" can either be used synonymous to credit history or to credit score.