Experian study shows that 30% of US Consumers improved their credit score in 6 months
In a study of US consumers from January to June 2007, it was found that 30% of US consumers were able to increase their credit score by 50 points over a 6 month period. This shows that it is possible to bring up your score significantly over a short period of time by making wise credit choices.
Credit scores can influence your ability to obtain a mortgage at favorable terms since it is a measure of your credit risk. Your credit score will determine what interest rate you pay on your mortgage, how much you need as a down payment and the repayment terms of your mortgage. Individuals with a very low credit score may not even qualify for a mortgage.
The study also found that:
- 41 percent of the U.S. population showed no change in their credit score from January to June 2007
- 2 percent of the U.S. population had their credit score improve by 51 to 100points from January to June 2007, whereas 3 percent of U.S. consumers saw their score drop 51 to 100 points during the same time period
- Nationwide, 23 percent of consumers had their credit score drop up to 50 points from January to June 2007
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If you’re looking to purchase a home within the next few months, you must make sure that you have the best credit score possible. I offer free one-on-one consultation on how you can increase your score. Raising your score takes time so start now!
