Archive for December, 2016

What’s your Credit Score?

Wednesday, December 21st, 2016
Credit Score image

Credit Score identification

It is very important to build up a good credit score. Well, it can be said, a good credit score is what each of aspires for. When it comes for borrowing money from the market, only a good credit score can help you in building the scope. With good credit score, you can easily borrow an amount with low interest rates. But, pinpointing out that where does your credit score lies is very difficult. After all, there are many ranges decided that helps the lenders to identify that it’s trustworthy or not. In simple words, it’s the identification factor for the lenders, the chances of amount to be recovered when lend the money. Find out where your credit score is lying on the chart of credit score range specified below.

Credit score range:

How would you rate your credit score?

Well, most of the range of credit score lie from 300 to 800. Within that range, there are many different categories such as excellent, bad, fair, better and poor. Generally they look like:

Excellent range: 750 & above

Good range: 700 to 749

Fair range: 650 to 699

Poor range: 600 to 649

Bad range: 600 & below

Credit Score Chart

Credit Score Bar Chart

But even these are not the range that is accepted by the money lenders. They don’t act on the chart or the range. They are also concerned with the, money they are lending and the amount of interest rate to be decided.

It’s advisable keeping a good credit score record. It helps the lenders to confirm upon you, for lending the money or not. According to different money lenders different credit score range is prepared. It’s upon the wish of money lender that how he or she wants to prepare the scale.

Why it’s more important for having good credit score? Simple answer to it is, if you’ll have better and up to date credit score, you won’t have to be in worries for the approval of loan. Your credit score is already more, so you’ll be definitely getting the loan you opted for.

The money lenders will simple recognizes your score, and decides in which your credit score falls. They will fit the score of numbers into the range.Here are certain score of companied with different ranging scale:

Credit Score Co.

Name of the co.s Range of credit score scale
Vantage Score 3.0 Credit Range 350 to 800
FICO Credit Range 300 to 800
TransUnion New Account Credit Score 2.0 300 to 850
Experian’s Plus Credit Score 340 to 840
Equifax Credit Score 200 to 800

With all the data mentioned above, it’s proved that the higher the numbers of your credit score, the more are the chances to get it. You can easily lower the risk by maintaining a good credit score. It simply means that there are more chances of approval for your loan requirement because of higher score on your credit.

Even there are more chances of getting discount on the insurance you take. The higher amount of credit score depends upon the earlier financial records. If any of your financial transaction is spoiled, it might get your credit score with a bad impact.