Did you ever realize the difference that your credit score can make on your monthly payments?? Take a look at the payments you would be making depending on your FICO score (FICO is the main provider of credit scores to the vast majority of financing decision makers) for a $300K 30 year mortgage:

FICO score	APR	Monthly payment *
760-850	6.163%	$1,830
700-759	6.386%	$1,874
660-699	6.670%	$1,930
620-659	7.482%	$2,094
580-619	10.464%	$2,736
500-579	11.631%	$3,001

Those are some major differences! At a score of about 630, you might expect to pay $2100 a month – but if you slip to less than 619 – Ouch. Then you are paying more than $2700 a month – a $600 difference. That is a pretty solid example of why you should consider a credit counseling service if your credit is starting to look a bit rocky. A 20-30 point swing in your credit rating could make a much needed mortgage refinance very expensive indeed. Not to mention the fact that the financial markets are experiencing a pretty heavy crunch on credit. These market conditions are making it difficult for even individuals who have excellent credit to get access to the credit they deserve.

Of course that is now and the crunch will subside as the markets right themselves and the Federal Reserve continues to inject liquidity – perhaps with a quarter or half point cut in short-term interest rates in September. Is your credit in order? If not, you may want to take advantage of information on credit help with articles on credit counseling, credit repair, and credit monitoring. Getting informed is the first step. Articles at DebtHelp.com will lead you through the complexities of getting or improving your credit. Seemingly simple questions are answered in articles like paying off debt or savings first? And every individual is – well – an individual with different needs and situations, so the articles are formulated to help lead people in the right direction based on their situations.

A credit crunch won’t last forever – the markets will clear that up before 2008. A personal credit crunch or bad credit score can load you down with overwhelming monthly payments that you might avoid with the right information. Get that information and take action before you need credit, else you will be in a major credit crunch that may seem to last forever.