While all rates are high right now, buyers with better credit scores are saving.Using myfico.com's calculator, on the day we checked, a 30-year fixed $400,000 mortgage with a credit score of 620 to 639, would get you an 8.9% interest rate.
The three most important factors making up that score are payment history, amounts owed, and account history.30 days late can take up to 100 points off your score.If it's a rare occurrence, Nerdwallet.com says you could send a"goodwill" letter explaining a mistake and asking it not to be reported.Amounts owed/credit utilization makes up 30% of your score.
15% of your credit score comes from your account histories. This is where having older accounts pays off, as long as they have good payment histories.
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