Good credit scores are for everyone. You deserve more!
You will surely get easy approval if your credit score is not up to 700 range. Besides, those with 600 are most times considered as having good credit scores. For more analysis, a mortgage provider may say that 724 is a good credit score, while a credit card issuer may consider 620 to be good score. Not many people know what is a good credit score in 2013. Do you?
If your scores are high, then there is a possibility of having lower interest rates. Today, lenders are very careful when it comes to reviewing credit histories of future borrowers, therefore you should do that. Below are some essential information about credit scores:
- 300 to 850 is the credit score range, 850 is the highest credit score, while the lowest or the worst is 300
- 723 is the median credit score in the United States
- Some creditors will require you to have up to 760 before they can be able to give you favorable terms and best rates
- The interest rates can increase as a result of these score brackets: 680-699, 700-759, 660-659, 620-639.
- Any score under 620 will make interest rates to rise, because at this point, you will fall within the category of ‘poor credit’.
Free Credit Scores Improvement
Your credit score is a very important number in your life. If you don’t know your free credit score get it at Credit Score Wiz. It is always good to have a higher credit score. If you apply for a loan, car, or apartment, the bank or financial institutions will take a look at your credit score, this will help them in ascertaining your credit risk; higher credit scores will offer you better interest rates.
The four tips below will assist you in getting a higher credit score as quickly as possible:
Keep checking your credit file – it is good to keep checking your credit file for any identity theft, or clerical error. If there are issues of identity theft or clerical errors, it can give rise to a number of errors in your credit payment history, this to a great extent account for 35% of your score. If you are seeing anything on your credit score which you are not familiar with, the best thing to do is to contact the credit report agency as fast as possible. Your copy of credit report can be gotten from Experian, Equifax, CreditScoreRanger, Experian, TransUnion or CreditScoreWiz. Credit experts suggest you get the free credit score copies at least every quarterly.
Reduce your credit card applications- make sure you are not seen as a ‘credit-seeker’, this will help you in maintaining a higher credit score. If you apply for some credit cards over a period of time, they will be visible on your report.
Less credit usage- some people believe that they must have a credit card debt before getting a good credit score. Get my credit score here. However, it will be better be using at least 10% of your credit limit. It will be favorable to your credit score, if you can be making at least two to three payments on a monthly basis. Some people do not recognize their continued dependence on credit cards until they cannot be able to manage their debts. They are caught up on the debts that will take them a good number of years to clear.
Don’t wait for the main date- try to lower your debt by making little amount of payments all through the month. This will surely benefit your credit score. Experts recommend that you should maintain at least 33%, while debt utilization ratio is about 30% of your credit score.
I hope you enjoyed this article. More credit information coming soon!