Why Must I Chase After A 700 Credit Score
Isn't it weird that who we are is established on numbers? The same goes when we apply for a loan and if you don't want any problems, 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 your debt should your loan be approved. Credit scores for the most part range from between 340 to 800 and if you score isn't at least around the 700 range you can either count on paying a higher interest rate if it does get approved or if it is too low being denied entirely.
This is in all probability unfair given that you don't have money already but it is a fact of life.They pretty much have you over a barrel on this one, it is either you agree to their terms or you don't get those needed funds.
In the US, many Americans have a good credit score.The cause of these good credit scores is the basics of not over spending and paying their bill on time.
Individuals that don't possess a good credit score will need to make life changes in order to make ends meet and getting their debts paid.If this is you talk to your creditors first off and see if they are willing to work with you to get the debt paid off. If you have been carrying a good credit score up to now that is probably the wisest choice of action to start.
If you are packing a lot of extra charge cards you should get rid of all of them except for one .. You should keep the one that you have had the longest as this will look good on your credit score.
A frequently made mistake most often by people without a very long credit history is to open credit accounts unnecessarily.Always be sure that you need the extra credit before you get it, try all other options first.
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. Who knows, you might get lucky and find out that there was an error made. If you do find a mistake you must get a hold of the credit agency and let them know about it. This is called filing a dispute. Send them all of the proof of the error so that they can successfully investigate the error and get it corrected for you.
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..
With the much coveted credit score of 700 or higher you most invariably qualify for the lowest interest rates available. You can use the money from that low interest loan anyway you wish be it for a debt consolidation, home repairs, or even to purchase a new car. 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 your debt should your loan be approved. Credit scores for the most part range from between 340 to 800 and if you score isn't at least around the 700 range you can either count on paying a higher interest rate if it does get approved or if it is too low being denied entirely.
This is in all probability unfair given that you don't have money already but it is a fact of life.They pretty much have you over a barrel on this one, it is either you agree to their terms or you don't get those needed funds.
In the US, many Americans have a good credit score.The cause of these good credit scores is the basics of not over spending and paying their bill on time.
Individuals that don't possess a good credit score will need to make life changes in order to make ends meet and getting their debts paid.If this is you talk to your creditors first off and see if they are willing to work with you to get the debt paid off. If you have been carrying a good credit score up to now that is probably the wisest choice of action to start.
If you are packing a lot of extra charge cards you should get rid of all of them except for one .. You should keep the one that you have had the longest as this will look good on your credit score.
A frequently made mistake most often by people without a very long credit history is to open credit accounts unnecessarily.Always be sure that you need the extra credit before you get it, try all other options first.
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. Who knows, you might get lucky and find out that there was an error made. If you do find a mistake you must get a hold of the credit agency and let them know about it. This is called filing a dispute. Send them all of the proof of the error so that they can successfully investigate the error and get it corrected for you.
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..
With the much coveted credit score of 700 or higher you most invariably qualify for the lowest interest rates available. You can use the money from that low interest loan anyway you wish be it for a debt consolidation, home repairs, or even to purchase a new car. 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 authority on credit repair and debt management. If you found this piece to be helpful you can find more complimentary information on how to Correct Your Credit Report by visiting creditfixrepairreport.com Get your complimentary information now
posted by Credit Counseling at
4:49 PM
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