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.
CRE Credit Services
Wells Fargo financial expert Stephanie Chisolm discusses how to start building a
good credit report.To view over 15,000 other how-to, DIY, and advice videos on
any topic, visit http://www.monkeysee.com/
Video Rating: / 5