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Commercial Mortgage Loans in DETROIT, MICHIGAN

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Good Driver, Bad Credit: What Makes Your Car Costs So High

Car owners with poor credit can pay hundreds — if not thousands — more to drive than those with good credit. This plays out in two important ways: higher rates on car loans and, in most states, higher insurance premiums. In fact, having bad credit can raise your insurance quote even higher than if you’d had an accident.

To see how much poor credit can cost car owners, NerdWallet looked at auto loan terms and insurance quotes for drivers in different credit tiers.

Credit and car loans

Drivers with blemished credit often choose a cheaper car than they could otherwise afford. However, they’ll still pay more to own it — especially if they finance the purchase. Good credit is generally considered 690 to 719, while bad credit is below 630. In a slightly different system, prime credit is 661 to 780 and subprime credit is 501 to 600.

For used car loans in the last quarter of 2017, prime credit buyers received an average rate of 5.48%, according to credit reporting agency Experian. The average rate was much higher, 16.27%, for subprime borrowers.

ANZ eyes deep learning to help make better decisions about risk

Humphrey said that since the 1960s, the approach to assessing application risk hasn’t fundamentally shifted from applying a mathematical model that combines the information contained in a customer’s application and with the information the bank holds and credit bureau information. All that information is used to generate a score that represents the probability of default for a particular customer, he said.

Behaviour scoring delivers a 50 per cent lift in predictiveness over application scoring, he told the conference. “Once you start seeing the behaviour of a customer making payment on a product it becomes very predictive and very powerful at predicting whether the customer is going to continue making those payments on that product,” Humphrey  said.

However behaviour scoring has its own limitations and hasn’t significantly changed since the ’80s and ’90s, he said. It tends to be limited by the availability, accuracy and amount of data and the frequency at which you can reassess customers or update your models.

Michigan Mortgage / Bad Credit / HUD homes / HELP!!?

My husband is in Michigan waiting to immigrate us from Canada. He earns approx $3200 net per month, has been at the same job since Nov 2007, but in the same LINE of work for over 10 yrs (owned his own business for approx 5 yrs during that time).


I suggest contacting a mortgage company that does not charge for pre-approval and ask them the questions you pose. http://mumloans.com is an affiliated lender of my broker. According to their website they do not charge for pre-approval.