Should I Raise A 700 Credit Score

Even though there are no universal guidelines in regards to what represents a very good credit score, look up on the Internet and you will see that quite a few creditors deem a 700 credit score as “very good” to “excellent.” In accordance with the creator of FICO scores, about 18% of Americans have ratings in the 700-749 range.

Such numbers are necessary since they display your creditworthiness at any given time. Credit scores are based on information in your credit reports. That said, they permit creditors to make instant credit decisions about you just by basing on it. The higher your score, the better the deal you are likely to be offered when you’re looking for some good credit deals.

Now that you have a 700 credit score, you ask if you should raise it. According to Fair Isaac Corporation, which provides this computation to the three main credit bureaus and majority of the creditors, around 40% American consumers have higher numbers than you do.

That is actually a worrying statistic. Research by this author shows that majority of creditors deem excellent credit as those that are above 725, while some are even above 750. These are individuals who are able to get the best terms and conditions of credit offerings.

Therefore, although your credit score may be deemed excellent by some of the creditors out there, if you are able to delay your credit purchase for even a few months, then you can wait as you raise your credit score. You must take into consideration the benefits of having your credit score raised, which includes having to pay a lower interest rate on your chosen loan. You must know that a lower interest rate on a home mortgage could lead to thousands of dollars in savings over the long haul and a reduction in interest rate will also lower your monthly payments.

Whatever you deem to be a good credit score could actually be not enough to get you the best credit terms. It pays to raise your grade if it is below 725 to 750, so rethink your decision about getting the loan you’re eyeing at the moment

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