my credit score good?
If you’ve recently gotten a glimpse of your credit score is up, you’re an inch closer to knowing what lenders will think of your application for loans or credit cards. But what exactly does your particular credit score refer to? Does your score look poor or good? We’re here to assist! my credit score good
Find the below range to see the score you fall within to know the exact meaning of your score in real life:
- Over 760. That’s fantastic!
- Between 700 – 759. This is still good.
- Between 650 – 699. It’s only the average.
- Under 650. That’s not good.
Credit Score Over 760? That’s Excellent!
When you score a credit report that is greater than 760 (out of the possible of 850) You’re a winner! You’ve got excellent credit!
What will my credit score say?
Good credit can get you the very best when it comes to applying for an credit card, mortgage loan, or any other type of financing. There’s no need to fret about whether your application will be accepted since lenders are always looking for borrowers just like you! This means that they’ll offer you the best interest rates and maybe other benefits like higher credit card reward points or waived fees those with lower credit scores might need to pay.
Your track record that you have paid your debts punctually and not racking up too much debt is proof that you are able to handle credit. Oddly enough, when you demonstrate that you can manage credit, lenders begin to fall over themselves to offer you increasing amounts of credit even if you don’t require it. This is an ideal situation to be in.
Credit score between 700-759? That’s pretty decent.
When your score on credit falls between 700 to 759 (out of a maximum 850) You should consider your credit score to be acceptable, but still a bit lower than excellent.
Good credit means you’ll be able to get nearly every credit or loan which you’re applying for. But, you might not always be able to get the best rates, particularly if are at the lower end of the range.
Actually these scores range tend to be an undefined area because some lenders will view those who are at the top the range of outstanding credit, while some lenders will view those in the lower end of the range as having just average credit. If your score is in the middle or the top in this category, be aware that lenders may be more lenient than they would treat someone between them.
In general, those who have credit scores within this category are adept at being punctual in paying bills. However, they might have fallen behind at times. If you have been able to make your payments punctually, you might have a restricted (shorter) credit background or lack of various types of credit that can lower your score. Young adults who have managed credit well , but not making use of credit for a long time generally fall within this category.
Credit scores between 699 and 650? It’s just an average.
When your score for credit is or above 700 but not 650 then you need to think about that score as being only average. A “average” credit score means that you might be excluded from certain loans or credit products that are targeted at those with low risk. Also, it means that you will not have the best rates for the loans you qualify.
Although the credit industry might employ”average,” or “average” to describe you however the reality is that either you have a few outstanding debts on your credit report or have just started your journey into credit. You haven’t even had the chance to improve your credit score. Whatever the case, lenders view you as dangerous, and they’ll take their time before offering the credit. Don’t be shocked if you need to go through additional obstacles to get the loan, or when it takes a long time until your credit card application is accepted.
The good news is that you might enjoy the most straightforward experience of any other group in moving toward the next level of credit. A year’s worth of timely payment of credit or loan can boost your credit score to “good” range, especially when your score is higher than 699 or 650. Keep working!
Credit score below 700? That’s not good.
If the credit score is lower than 600, you’ve got poor credit.
There’s no way to hide it. You’ve probably been in arrears with certain bills at some point in time. There may be charges, which means that you put off paying a balance you owed and the creditor stopped trying to pursue you. It is possible that you have an bankruptcy in the past.
If you’re a new customer, getting credit or getting loans of any kind isn’t easy. It is possible that you will not be able get credit that is unsecured (no collateral) or be offered a loan with low rates, and have the highest rates of interest, fees, and credit lines that are very limited.
The positive side is that lenders will want to increase your score so that they are able to loan to you again. But, the path to take might require you to provide some kind of collateral in order to be able to return to the game. Secured credit cards that require security deposits are a great alternative. A few of them are from big banks and assure you that they will consider you for an unsecure, regular credit card once you’ve paid the payments on time for a period of one year (or at times, lower). Take a look at the Secured Credit Card page to find secured cards that will aid in building credit so that they can allow you to get the standard credit card category again.