Posts Tagged ‘credit card scores’
Credit Card Scores- What are Considered Good
What is a Credit Score – In today’s world you can’t live without credit and in other cases you can’t live with it. Most of us will need to borrow at various stages in our lives. For a mortgage, car loan or major household items. At these times it is important to ensure that we have a good credit score.
However, what is considered a good credit score. To most of us, this is an unknown quantity. In the USA these scores (FICO) are based on information gathered from three major agencies called Experian, Transunion and Equifax.
Scores on these databases are in the ranges 300 to 850 and apparently if you are above 723, then you are then in the top to 50% of all credit scores and thus defines you as a good score.
Thus a better score should translate into better rates for a loan and in the long run will mean you repaying a lot less than those unfortunate to have a lower score. In addition it might eliminate them from actually obtaining a loan from the institutions.
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