- 14,997
- 4,264
- Joined
- May 26, 2003
So hypothetical situation,
Say you have a good credit score 750+, and you take out a loan for a home. Because of your good credit, you lock in a good rate. Let's just say a 15 year loan for 4%.
(Numbers are just for demo purposes)
During the course of a year, your credit score goes down because you didn't pay some bills or whatever, can that harm your loan you already had locked in? Would they be able to raise the interest if your credit worthiness drops?
Will the bank or creditors check periodically to see if you keep the credit score in good shape?
Your rate doesnt change assuming you are talking about a fixed rate mortgage.