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Understanding The Credit Score Rating Scale
William Blake.
No doubt about it, credit score rating scales are confusing. Working through all the numbers can leave you wondering what it all means. Understanding ratings and how they work will help you to read and understand your credit score more easily.
Companies review various data when building your credit score. Here are just a few:
- Your past payment history - When you pay your bills - The amount of outstanding debt you have - The length of your credit history
Large amounts of debt and short credit history will result in a lower credit score even if there are no problems that stand against your credit.
Recently, credit applications take your credit score into consideration. Applying often for credit by filling out store applications for credit cards will cause you to receive a lower score. High amounts of credit card debt at high interest rates will do the same damage.
700 or higher is considered to be a good credit score. Being awarded credit at low interest rates should not be a problem if you have a score of 700 or higher.
With a score of 450 to 650 points to that your credit score needs improvement. Finding a loan or qualifying for a credit card t this score will be more difficult unless you have some type of security. Considered to be a higher risk, higher interest rates will likely be an issue as well.
Below 450 and you likely won't qualify for a loan or credit card until you pursue some form of credit counseling to improve your score.
To improve your rating, check out the many sources that can assist you. Credit counseling services are available online as well as in the telephone book and many offer their services for free. Assessment of your financial situation is available and advice to improve your credit score will likely move you toward your goal of a higher credit score. Article Source: http://www.articlemap.com Is your debt stressing you out? Do you have a list of things you would do if you weren't putting all your money towards your debt? Learn how you can legally eliminate debt on the Debt Smackdown website.
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