Why Should I Chase After A 700 Credit Score
Isn't it peculiar that who we are is situated on numbers? The same goes when we apply for a loan and if you don't want any troubles, you should at least be 700 and above to be deemed as having a good credit score.
What though is a credit score? It is an indicator which tells a creditor if you will be able to pay back your debt should your loan be authorized. Commonly, the score is from 340 to 850 and if you don't score that well, your loan will be rejected or it will be allowed as long as you accept to pay a high interest rate.
This is likely unfair given that you don't have money already but it is a fact of life.It's either you agree to their terms or you don't get the much needed funds.
In the US, many Americans have a good credit score.This happens because they don't spend beyond their means and pay their bills on time.
If you don't have a wonderful credit score then chances are you will need to find another way to get your bills paid and make ends meet.A good idea will be to talk to your creditor about the situation so they can come up with a payment plan so this will never appear on their permanent record. If you've had a reasonable credit score and you don't want to see it destroyed then this is probably the best decision for you.
If you have many credit cards, you should cancel the others and only keep one. Only keep the oldest card that you have for it will reflect the best on your credit record.
One mistake some people make especially when their credit history is less than 3 years old is opening a new account even when it is not necessary. Try to use common sense when dealing with credit if you can't afford it don't get it.
If you are real close to the 700 mark you should really take a close look at your report to make sure that it is entirely correct. You could very well find an error on your report that is enough to throw your score over that wonderful number 700. You can call the credit agency to tell them about it and send the supporting documents so an investigation can be done and this matter can be corrected.
In order to get a copy of your credit report all you need to do is contact one of the three main credit bureaus they are Transunion, Experian, and Equifax. It doesn't really matter which agency you get your report from as all the information should be about the same for each even though they each score a little differently than the others.This changes yearly so get another in one year and compare the results versus the year before..
If you have a score of 700 or higher you very easily qualify for the lowest interest rates,In most instances without even having any money to put down on the loan. With that money, you can buy a new house or car, pay for college tuition or renovate your home. Achieving this score is not an easy task, it takes dedication and hard work, you can achieve it just be wise and use good judgement.
Before you even go in to apply for a loan you should be aware of what your credit score is.If you are aware of your credit score when you apply there won't be any surprises after you fill out and submit the forms.
What though is a credit score? It is an indicator which tells a creditor if you will be able to pay back your debt should your loan be authorized. Commonly, the score is from 340 to 850 and if you don't score that well, your loan will be rejected or it will be allowed as long as you accept to pay a high interest rate.
This is likely unfair given that you don't have money already but it is a fact of life.It's either you agree to their terms or you don't get the much needed funds.
In the US, many Americans have a good credit score.This happens because they don't spend beyond their means and pay their bills on time.
If you don't have a wonderful credit score then chances are you will need to find another way to get your bills paid and make ends meet.A good idea will be to talk to your creditor about the situation so they can come up with a payment plan so this will never appear on their permanent record. If you've had a reasonable credit score and you don't want to see it destroyed then this is probably the best decision for you.
If you have many credit cards, you should cancel the others and only keep one. Only keep the oldest card that you have for it will reflect the best on your credit record.
One mistake some people make especially when their credit history is less than 3 years old is opening a new account even when it is not necessary. Try to use common sense when dealing with credit if you can't afford it don't get it.
If you are real close to the 700 mark you should really take a close look at your report to make sure that it is entirely correct. You could very well find an error on your report that is enough to throw your score over that wonderful number 700. You can call the credit agency to tell them about it and send the supporting documents so an investigation can be done and this matter can be corrected.
In order to get a copy of your credit report all you need to do is contact one of the three main credit bureaus they are Transunion, Experian, and Equifax. It doesn't really matter which agency you get your report from as all the information should be about the same for each even though they each score a little differently than the others.This changes yearly so get another in one year and compare the results versus the year before..
If you have a score of 700 or higher you very easily qualify for the lowest interest rates,In most instances without even having any money to put down on the loan. With that money, you can buy a new house or car, pay for college tuition or renovate your home. Achieving this score is not an easy task, it takes dedication and hard work, you can achieve it just be wise and use good judgement.
Before you even go in to apply for a loan you should be aware of what your credit score is.If you are aware of your credit score when you apply there won't be any surprises after you fill out and submit the forms.
About the Author:
This piece was written by Frank Froggatt an expert on credit and debt management. If you found this piece to be helpful you can find more complimentary information at Credit Fix Repair Report.com. Get your complimentary information now
posted by Credit Counseling at
7:20 AM
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