credit score

Credit Score - What Is a Good Credit Score Rating?

What is a good credit score rating? It is crucial to not only know what a good rating is but also what your current score is and how to get it up…fast. This three digit score can make or break your financial status, your ability to purchase a home or car, obtain a credit card, have a reasonable insurance premium, or get a job. In the end, the higher your score, the more money you can save because you will have lower interest rates, insurance rates, and a better paying job. While not all jobs or insurance companies check your credit, many do, and it won’t be long until they all do. In some cases, you don’t even get the chance to pay a higher payment, because you get turned down all together. If you have ever been in that situation then you know how humiliating it is to be told that your application for credit has been declined. There are ways to avoid this, so let’s discuss what is a good credit score rating, and how you can bring yours up.

What is a good credit score rating? A good score is somewhere between 700 and 849. While a rating slightly lower than that may be acceptable enough to get a loan approved, you won’t qualify for the lowest rate possible unless your score is at least a 700. Obviously, the higher the better. A person with a rating of 760 to 849 would instantly be approved for a loan, and receive a very low interest rate. Some creditors also require that you have proof of a job or steady income, but usually if your rating is above 760, you have proven your credit worthiness, and will therefore be approved. However, these high scores can seem very out of reach if you have a blemished past. The good news is that anyone can bring their score up this high; you just have to know what to do.

Once you know what is a good credit score rating, you will then need to work on bringing yours to this level. Basically, if you consider how your score dropped so low, then you simply do the opposite to bring it back up. Ratings usually drop when a consumer pays bills late, or doesn’t pay them at all. In order to bring yours up, the first step is to get a copy of your FICO report so that you can see exactly what has been reported. It is best to get a copy from each of the three agencies, Equifax, Experian, and TransUnion, because they all vary slightly. Call each creditor and tell them you want to dispute their negative remark on your report. Even if the debt is valid, disputing it will usually result in the creditor eventually removing it, which will bring up your rating. In the meantime, make sure that you pay your bills on time each month.

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Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…

Bad Credit Auto Loan – Financing for a Jeep, Toyota, Ford or Honda

You must understand that you will need a credit score over 680 to qualify for the low interest rates you see advertised on television. … Read More…

New credit card rules' double standard

"Think about what could happen to your credit score if your business went through a rough patch and you got behind on credit card payments." Read More…

Mortgage Rates Fall After Surprise Dip in Consumer Confidence

To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.