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Whats A Good Credit Score
Posted May 5, 2015

Do you know if your credit scores fall into a poor, average or great range? It really matters where your score fits in these ranges when you apply for new credit, go to get an apartment or a new car. Check yours today.

What Is My Credit Score

Do you know what your credit score is? Do you know that there is really three credit scores that you should be concerned with?

Do you know how to find out what your credit scores are and once you get them do you know whats a good credit score?

A good credit score can depend on what you want to buy. Your credit scores do not have to be as good to get a new credit card as they do to get a mortgage on a home.

You actually have three credit scores that you should be concerned with. There are three major credit reporting companies that keep credit information on everyone adult. They do not typically keep credit information on minor children.

Today you need a credit score of at least 620 to even apply for a mortgage loan for a home that you might be interested in buying.

Credit Report Scores

Credit scores range from 350 to 850.

Below is a table of credit score ranges and the percent of people whos credit score falls within each bracket.

Credit Score Chart

FICO Credit Score Percent with Score
800–850 13%
750–799 27%
700–749 18%
650–699 15%
600–649 12%
550–599 8%
500–549 5%
300–499 2%

These same type brackets are often used by creditors to set interest rate increments on the money they are willing to loan.

So, as you can see, the better your score the better it is for you. Those with higher credit scores enjoy more perks from creditors than those who can not show by a good score that they are good credit risks.

If your scores are good you will have easier access to credit for yourself or your business at better rates. In the long run this saves you the borrower a lot of money.

A good credit score can also be benificial to you in getting a better job. Many employers now check credit scores before hiring. Employers view a good credit rating as a good indicator of a person's integrity and this goes a long way when they are hiring or considering someone for a promotion.

Credit card companies will offer greater rewards such as free hotel stays, free airline mileage and other perks to those with the better history of good credit.

In recent years these 3 digit numbers have become a vital aspect of every person's financial existence. Lenders rely heavily on these numbers to determine if a person is likely to repay the loan that they are about to make.

There may be items on your credit file that you have paid but still reflect as unpaid. These can be affecting your credit rating negatively. I have seen this happen many times.

Creditors even use the information in your credit file to help foresee if a consumer is likely to fail to pay particular types of accounts, such as cell phones, utility bills, medical bills, an auto loan or a mortgage.

So, What Is A Good Great Score? It should be the highest one you can get.

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