Your credit score has a profound effect in terms of the interest rate you will be paying when you apply for a loan. This is the basis that lenders use to determine if you will be able to pay for the amount in the future and if you need money to pay for college or renovate the home, it is good to know what it means to have a good credit score?

The credit score ranges from 340 to 850. Creditors determine this by reviewing your payment history, amounts that you owe, the length of your credit history, the types of credits you have used and new credit.

If your credit score is over 700, then you have a good credit score. This means you (more…)

You sit down to look at your credit report for the first time. If you�re scores are above 720, congratulations! You have excellent credit; stop worrying. If you�re scores are not above 700, no problem�let�s get to work. Take solace in the fact that the national average score is around 676 according to the Gallup Organization. If you�re scores are below 400, 500, or 600, there�s definitely room for improvement and only one way to go�up!

If the numbers I�ve mentioned don�t make any sense to you or you have no idea what they mean, don�t fret�I�ll explain. Credit scores range from 350 to 850. All three of the credit bureaus�Equifax, Experian, and Transunion�offer FICO credit scores using a complex mathematical formula developed by Fair (more…)