When it comes to most credit scores, the higher, the better. Where should you fall on the credit score range to get where you want to go? Is “good” good enough to meet your goal? Watch to learn what a “good” FICO® Score is and where it can be found.
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Margaret was happy for her best friend and former roommate Deborah when she announced that she was buying a house. Although she was very happy for her friend, she couldn’t help but to be a little green with envy. Deborah recently applied for a home loan through her bank and was turned down due to past credit issues. When Deborah mentioned that she was approved for a home loan from her bank, Margaret couldn’t understand how her friend could get approved for a home loan and when she still owed on her student loan? Well, there is good credit and then there is bad credit.
An example of good credit is debt that helps you build equity or increase your net worth. For example, Deborah’s student loan is an example of good credit simply because having education generally means that she will eventually have higher earning potential. Purchasing a new home is also an example of good credit because as it increases in value and will add to her net worth.
Bad credits are the ones that negatively impact your financial future. Bad credit is described as financial obligations that last much longer than the item that you purchased. So, if you purchased a computer back in the 1990’s and you are no longer able to use it, that’s considered a bad credit. This also includes debts that have no return toward increasing your net worth.
So, how can someone improve his or her credit?
Maintain a good relationship with your creditors such as paying your bills in full and in on time. Also maintain a strong employment/self-employment history. Read your credit report thoroughly and check for accuracy. Before making a purchase by a credit card or loan, ask yourself whether it is good debt or bad. Will this help to increase or decrease my net worth?
Credit experts recommend that debt should not exceed 25 percent of disposable income. Too much debt can cause one to repay their debts while struggling to maintain living expenses such as food, clothing and shelter. Avoid going into debt by trying to maintain a lifestyle such as shopping binges, expensive restaurants and vacations.
Why is maintaining good credit such a big deal?
Besides being approved to buy a new car or a new house, it is important to maintain good credit should an unexpected event such as job loss or a major medical expense can put you into a financial crisis for one who’s not financially prepared. Having good credit is important in case you have to borrow.
The Good News
Just because someone has bad credit doesn’t mean that they have to stay in that position. There are many programs to help someone to get out of debt. Having a negative credit history, does not mean a person cannot purchase a nice home, a new vehicle, or start a business. There are many programs that offer bad credit loans made especially for those who have bad credit.
< object kind="application/x-shockwave-flash" style="size:425 px; elevation:355 px;" information ="// www.youtube.com/v/3Lp8iZy3t3Q?color2=FBE9EC&version=3&modestbranding=1" > It’s commonly stated that too much of a great thing can in fact misbehave, but when it involves your credit history there’s no such thing.
Allow’s take an appearance at the benefits of having fantastic credit rating, as well as ways to leverage a high debt score rating.
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http://CREcreditservices — Clients reach out asking what is a good credit score everyday. Here’s some information to know where you are on the credit scale:
So you go online and pull up a credit report to obtain your credit score, and you see a number that is somewhere between 300 and 850, but what does this mean?
What is actually considered a good credit score range to be in if you are a consumer trying to obtain a loan?
Credit scores come from the three major credit bureaus, Experian, TransUnion, and Equifax. Their sources will include lenders, collection companies, banks, and so on.
They take your entire financial history into account, and using their formula will compute your credit score, ranging from 300 to 850.
This range is considered your actual credit score, but what is a good score? We will break it down between excellent, good, fair and poor.
Credit scores ranging from 750 to 850 are considered to be excellent or very good, meaning you have superb credit.
Someone with an excellent score has taken care to avoid late payments and collections, has a low credit utilization ratio, and a healthy credit history.
A good credit score range is anywhere from 700 to 750, and is considered to be a bit above-average in the eyes of lenders.
An above-average credit score, but not excellent could be due to something as small as one late payment, or simply not having a long enough credit history due to your age or something of that nature.
Fair credit comes in at a score of 650 to 700, and can be due to lack of credit history or carrying high credit balances.
It could also be due to a collection or two on credit cards.
Anything below 650 on a credit score is frowned upon as having bad credit, with anything below 600 being very poor credit.
This usually has to do with collections, late payments, and carrying high debts.
If you want to improve your credit today, visit CRE credit services.com to be connected with one of our client care specialists to go over our proprietary 7 step credit repair process.
Wells Fargo financial expert Stephanie Chisolm discusses how to start building a
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How long is a good credit score? What’s the most critical thing about your credit score?
How long is a great credit rating?
Period of credit score could be the single the very first thing if you’re hoping to get to your top regarding the scoring model. The 5 aspects which can be thought to form your credit repository considered long are:
Age the consumer’s earliest credit account
The Age of the people latest Credit account
The typical age of the credit records.
The length of time different sorts of reports were founded.
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The length of time Does It Take to Develop Good Credit?. The main show: Credit Ideas & recommendations. Building great credit may take less than annually from having no credit score or to two or more years to repair bad credit dilemmas. Find out how lengthy it will take to develop much better credit with information from a financial supervisor and money investor inside no-cost video clip on finance. Read more: http://www.ehow.com/video_4754974_how-long-does-build-good.html
Get three secret tips about how to increase credit history. This can include creating good credit, simple tips to boost your utilization ratio, and also the huge aspect is getting rid of damaging items in your credit file. For lots more have a look at a write-up at: http://www.yourbadcreditcard.net/how-to-increase-your-credit-score-3-tips/
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Is it true all white people have the best credit scores and black people’s scores are horrible? We set out to find out if this was just a common stereotype. Find out in this weeks episode of Is It True?
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You must have heard people say – ‘I got a good credit card deal’. So if you happen to be looking for a credit card at that moment, do you just go with what your friend has told you as a good credit card deal?
Let’s check what one can term as a good credit card deal. A credit card deal is good if it works for you. So, if the credit card fits into your lifestyle in a way that rakes in maximum benefits for you, that is a good credit card deal. The most important thing to realize here is the word ‘your’ as in ‘your lifestyle’. So logically speaking there is nothing like a good credit card deal.
What it is – is good credit card deal for ‘you’ i.e. the individual who is going to use that credit card. This is because the lifestyle and the needs differ from person to person (and that is precisely the reason why every credit card supplier offers so many different kinds of credit cards). It might be true in some cases (where the lifestyle of two individuals/friends is similar) that the credit card deal which is good for one be good for the other too, however, this is just in a few cases.
You can always check with your friend who has recently got a credit card deal, since that might cut down the time needed for researching/hunting-for a good credit card deal. However, it’s really a matter of evaluating your own needs. If you travel a lot and to far off places by air, a card that offers you good rewards/rebates/benefits on travel would comprise a good credit card deal. Sometimes the airlines themselves have their own credit card issuing/supplying company from where you can get a good credit card deal.
For people shopping at a particular retail store or a shop, a good credit card deal would be a card that offers discounts, rebates and rewards on shopping. Again, the retail stores themselves might have credit cards on offer that could be beneficial to you. Then there are credit card deals that are linked to gasoline stores or big grocery chains. If you don’t have any specific needs, you might use a general purpose credit card that gives reward points on every purchase you make on your credit card. These points can then be redeemed for cash/rewards. Hence, this card could become a good credit card deal for you.
Good, for credit card deals, is really a relative term and there is no credit card deal which is equally good for all.
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
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