pays to have good credit. If you handle your credit responsibly, banks, credit card companies, insurance agencies, and even employers
will reward you
by giving you the best rates, offers and even
jobs. There are several advantages to maintaining a credit score at or above the national median of 723.
A higher credit score means you are more responsible
in managing your finances and therefore more likely to be approved
for a lower interest rate on new credit application. Lenders look at your scores all the time
and you should know what they've been looking at and
how it impacts you as an individual applying for
credit. You can access your
scores from the 3 major credit agencies today,
by trying credit monitoring for free.
What is The
Minimum Credit Score
Lenders Look For?
U.S. lenders rely on a credit report to decide whether to loan you money, to determine the interest rate they will charge you and, even, to establish your automobile or home insurance premium.
Minimum credit score requirement
varies from lender to lender. Some lenders will
allow risky financial behaviors ( but penalize you
with higher interest rates), while others are very
strict with credit requirements and eventually
reward good financial management with good rates. Generally, scores below 620 are viewed as risky, while those over 750 are excellent.
So, it is assumed that the minimum credit score
requirement for most lenders is 620.
report is a record of your past borrowing and
repaying activities, including information about
late payments and bankruptcy. The report will
usually contain your social security number, date of
birth and employment information. And Your credit
score is a three-digit number that is used to
predict how you will pay your bills. Several factors
are taken into consideration when calculating your
credit scores. And these factors include; your past
payment history, current debts, credit inquiries, length of your
credit history, the number of new credit accounts, other public records and collection Items.
You can safeguard yourself and help fight identity theft by monitoring and reviewing
your credit report. It is suggested that you obtain
and review your credit report at least once a year,
but if you ever feel that your information may have
been compromised, you need to check your report as quickly as
ask: will checking my credit report lower my score? The
answer to this question is absolutely not! Reviewing your
credit report for personal use will not lower your credit rating
Your Free Credit Score!
Free credit reports are available under Federal law at: AnnualCreditReport.com.
Don't Become An Identity Fraud Statistic, Check
Your Credit Report TODAY! Know your Credit Score.
You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.
Credit-Report-And-Score.com provides information
and links to credit related products and information. Please consult an appropriate
financial expert for further clarification. Free credit reports are available under Federal law at: AnnualCreditReport.com