Understanding Your Credit Score
As a credit holder, may you be new or veteran, have certainly wondered how the credit scores of other credit holders are doing. You would comfort yourself by thinking that perhaps they are the same as you, missing documents and lapsing due dates. Or you may feel fear while speculating about what if they are much better credit holders than you are. Yes, there are various credit holders out there. The same thing goes with credit scores
Secrets Of Excellent Credit Score
Among the many numbers that accompany us throughout life, our credit scores are one of the most important. The usual range of credit score varies from 350-800 while some model range up to 900. People with higher than 750 are able to attain best interest deals and insurance premiums while consequently, people having low scores get higher interests and higher premiums. In order to have your credit score improved, one must be able to understand what makes up the rating as a whole.
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The Purpose Of Credit Score
Your credit score is a 3 digit number which is assigned as a convenient way for the lenders to be able to understand how credit worthy they will consider you to be. It aids them in deciding whether you qualify for credit and what the associated interest rate will be.
When you apply for credit, your lender will request a copy of your credit report which includes lots of information about your credit rating as of the moment. It will also involve the numeric credit score. Given that lenders can easily get their hands on this information, it is advantageous to you if you review the details yourself every now and then.
There are three companies that yield credit scores: Equifax, TransUnion, and Experian. They generate a number between 300 and 850. This number is often called the FICO score, and it stands for Fair Isaac Corporation.
Here is a quick breakdown of the FICO score values:
• 720-850 – this is the range of average scores and better, a very good range
• 700-719 – rates may not be as good as above, but your credit is still decent
• 675-699 – at this level you are starting to lose out on the best deals
• 620-674 – you cannot get great terms here as loans will cost you extra
• 560-619 – this is really subprime so you’ll have to work to improve
• 500-559 – it’s going to be tough to get any loan
You can stumble upon another analysis of the numbers on our credit score rating scale page. Included in the factors that determine your score include your own credit history, the debts you owed, how much is left, the duration of credit history, and the type of credit you have used.
You can boost your score by paying down any debts, staying well under your credit limit, and pay all bills promptly.
Explore other resources that you may come across in this website to learn more about your credit score and how to boost it.
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Categories: Credit Score Articles Tags: Credit Rating, Credit Score, credit score purposes, credit standing, debts, FICO, lenders, range
What range of credit score is acceptable for renting an apartment?
Question by Kathy N: What range of credit score is acceptable for renting an apartment?
My company is closing here in California next May and I will be relocating to Austin in either mid-Aprl or May 1st of next year. I have been with my company for 23 years and am looking for a 4-6 month rental until I purchase a home. My current credit score is fair-good due in part to a divorce a couple of years back. As I have never rented an apartment before, always a home, I am not familiar with the credit requirements, I have heard they are very stringent. If I would not qualify, any advice you might have to offer would be greatly appreciated.
Best answer:
Answer by Anne
The truth is that it is not necessarily your credit score, but more specific, they will look for defaulting on leases, and such. Very few landlords check it like a credit card company would. However, these days, credit scores are usually checked by some landlords.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: acceptable, apartment, Credit, range, renting, Score