What is a considered a good credit score? A lot of experts say that you should get a score of and above so that you are able to get a loan at a lower interest rate.
Is this easy to achieve? Given that % of Americans can do, then the answer is yes. You just have to pay your bills and debts on time to avoid incurring any penalties that could have a red flag on your credit report.
The reason why there are still people who cannot get a good credit score is because they have spend beyond their means. They are unable to resist the temptation to use that piece of plastic in a store thinking that they can get away just paying the minimum requirement monthly but the difference grows thanks to interest.
What happens is that they encounter late payments and are marked as unpaid. This is then reflected in their credit report which creditors will see and will make applying for a loan difficult to almost impossible.
The only solution is to clean up your act and pay these debts. You will probably have to cut down on your expenses and sell a few items. If this is not enough, work overtime if the company you work for allows you to do so. If it doesnt, see if you can get a second job.
Try borrowing money from friends and relatives. The nice part about borrowing from people you know is that you wont be charged an interest fee. Just and make sure you pay them.
Could this have been avoided? Yes if you were able to monitor your expenses. One of the present problems right now here in America is the housing crisis and if are one of those that couldnt pay for it anymore, this has a significant effect on your credit score.
Now that you know what is considered to be a good credit score, the question now is can you do it? This is something you can answer on your own but if you need help, there are financial advisers that you can call on to help. You will have to do your share as well by sticking to the map that has been planned out.
If you are just a few points away from reaching , look at your credit report again to see if there are any errors. Chances are, there is one there that you can correct as long as you can prove to the crediting agency that this is not true.
Since they wont take your word for it, be sure to have the supporting documents. Never send the original and instead send photocopies so you still have something to show later on. Once this is with them, an investigation will be conducted. If your claims are true, then they have no choice but to make the corrections on your credit score.
The factors that are used to measure your credit score varies among the different crediting agencies. With that said, there is no standard as to what is considered to be a good credit score. Through the years, it was just accepted that anything above is good so until this is standardized, this is something that everyone must hope to attain.
- Check Your Credit Score
- If you are thinking of applying for a loan, it will be a good idea to first check your credit score. This will give you an indication whether your request will be approved or not and how much interest you will have to pay. So how do you check your credit score? For that, you
- Credit Score Chart
- A credit score chart is what creditors look at to see if you are in good standing or not. This helps them decide whether or not to lend you money that you need to buy a car, a house or pay for tuition. Because it does not take into account gender, race, religion, martial status
- A Good Credit Score
- What is credit score? It is a three digit number that tells creditor whether you can avail of a loan at a high or low interest rate. If your credit score is very low, there is also a possibility that your application will be disapprove. Naturally, you dont want that to happen and this can
- Credit Report and Score
- Every year, a credit repot comes out with a corresponding score at the bottom. This could be from to and it varies from person to person depending on their consumer behavior. Your credit score is based on different things. This includes your credit history, outstanding debts, credit length, number of inquiries made and
- Understanding Your Credit Score Information
- Credit score information allows lenders to gauge a credit applicant if he or she is worth the risk of availing credit. After all, credit institutions are into a business and would want to profit from their investments in terms of lending their money resources. It is just fair that they try to lend it to
