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is a Good Credit Score
What is a good Credit Score?
Just what is a good credit score? A good credit score or rating is
one of the most valuable assets that you can own. Actually a good or bad credit rating can
affect some of your most important decisions. Whether you want to
buy a car, buy a home, need a personal or emergency loan, or
simply would like to have a certain credit card, your credit score
or rating plays a big role.
How is your Credit Score
Determined?
- Payment History: Approximately 35% of
your score.
- Amounts Owed: About 30% of your score.
- Length of Credit History: About 15% of
your score.
- Pattern of Credit Use: About 10% of your
score.
- Types of Credit in Use: About 10% of your
score.
Credit Score Guidelines
A credit score of 650 or above indicates a
you have a very good credit history. If your credit score is this
high you will usually find the loan process quick and easy, and
will have a good chance to obtain a loan at a relatively low rate
of interest.
Credit Scores between 620 and 650 indicate
basically good credit. (Average FICO scores fall into this range.)
If your credit score is in this range you have a good chance at a
loan at a good rate, but you may have to provide additional
documentation and explanations to the lender before the loan is
approved.
A credit score below 620 may prevent you from
getting the best interest rates, as you may be considered a
greater credit risk-but it does not mean that mortgage funding
can't be found.
Now that you know what is a good credit score you may want to
get a credit report with your score just to see where you rate. At
iCreditReports.com
you can obtain a free copy of your credit report and score
with weekly email alerts of fraudulent activity, new inquiries,
new accounts opened in your name, late payments, improvements, and
improvements in your report. You also get toll free access to
credit specialists that will help you keep track of your credit
and make improvements. Get
Your Free
Credit Report
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