Thursday, December 20, 2007

Impact of credit score on your lifestyle

Most People in the US have credit scores between 600 to 650. And certainly credit scores may change your life styles. Excellent credit scorers have high chances of availing huge loans at low interests, quite conveniently. But it is not that the bad or poor credit scorers will not get any loans. The loan people would also offer loans to them but the rate of interest comparatively is higher than good credit scorers. Also, people with bad credit scores are not likely to get approved for a credit card. So this way better credit scorers may enjoy whatever they want e.g. they may have more credit cards, buy a car, house, or get approved for any kind of loan they want at cheaper interest rates.

Some of you might be new, and are not aware what would be the range of good or bad credit scores. Following data would help you to understand the ranges:

700 or Higher - Excellent or very good credit score
680 to 699 - Good credit score
620 to 679 - Average credit score
580 to 619 - Low credit score
500 to 580 - Poor credit score

And if you have a credit score in between 300 to 499, then you just got a bad or worst credit score. So be careful and try not to fall below the Good credit score range in order to avail your full credit benefit.

1 comment:

susankellogg said...

We sh0ould always be careful with credit card reports because they might contain inaccurate or just different information. It can hurt your credit score. Always check your report in order to avoid potential fraud and identity theft.