Credit Score

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For the vast majority of people, their FICO score is something that really does not matter at all – it isn’t really something that comes into play too much into our day until we are actually looking for credit.

As a result, we seldom bother to check our credit scores and there is a lot of misinformation in respect of FICO scores. People think, for example, that simply checking their rating will impact it negatively – this is not the case. There is also a lot of confusion when it comes to what does and does not affect the score.

This is not surprising – your final score is based on a lot of complex calculations taking into consideration your overall financial situation. It is not just about how well you pay your accounts but also how much you owe on – if, for example, your credit is constantly maxed out, your score decreases – this is because this is an indication that you are battling financially.

Your credit score is a dynamic rating and this is great for you – if you start to work on it, you can improve it over time.

Why Even Check?

Even if you are not applying for credit, your credit rating still plays a huge role in your life – if your rating has improved, you may be entitled to apply for interest rate discounts in terms of your existing credit rating. You also need to know where you stand – do you need to take steps to improve your score?

Our credit repair service offer solid advice on how to improve your credit score.

Is One Bureau Enough?

You would be forgiven for thinking that your credit rating would be identical across all three bureaus but this is not true. Different companies subscribe to different bureaus and so the information that they have may be different. Check with Experian, TransUnion and Equifax.

Interpreting your Score

750-849 – This is the top 5% of American residents today and is what you need to get the best in credit rates.

650-749 – This is still considered pretty good and above average. This means that you have met all your mortgage payments and that none of your accounts are more than 30 days in arrears.

620-649 – This is about average and still considered okay. Most lenders will still consider you a reasonable risk when it comes to lending. If you are on the lower end of the scale, you are on the cusp of being a bad credit risk. If you are in this category, work on improving your score – this is easily done – make sure that your consumer accounts are up to date and try to pay more than the minimum.

350-619 – Here is what is considered a bad score. There is no need to feel too bad – about one fifth of all Americans score in this range. This will negatively impact your ability to get traditional credit and you will not be able to negotiate a good rate.

Talk to our credit repair experts today. Give us a call toll-free at 1-855-801-2847 for your FREE consultation.

Call Now: 855-801-2847

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