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Good Credit Score Range
By
Tarron Acuff
Credit scoring is a system used by some creditors to determine whether to give
you a loan or credit card. The creditor may examine your past credit history to
evaluate how promptly you pay your bills and look at other factors as well, such
as the amount of your income, whether you own a home, and how many years you
have worked at your job. If a creditor considers a factor important you may be
awarded points for those factors.
Most credit scoring systems are different and unique because they are based on a
creditor's individual experiences with customers. To develop a system, a
creditor will weigh each of these factors based on how well each predicts who
would be a good credit risk.
Credit scores have a range between 300 and 850:
700 - 850 -- Excellent or Very Good Credit
680 - 699 -- Good Credit
620 - 679 -- Okay or Average Credit
580 - 619 -- Low Credit
500 - 580 -- Poor Credit
300 - 499 -- Bad Credit
Good credit score is used as a future sign of your credit value, and if your
number in the “good” credit score range, be sure your rates will be lower than
usual. A not so good credit score, on the other hand, could cause you to receive
an APR that is a couple of points above the prime rate, which will cost you a
lot more money over the long haul. Many people don’t know their credit score, or
even what a “good credit score” should be. Make monitoring your FICO credit
score and credit report part of your yearly financial routine. If you let your
credit get away from you it could take years or mind numbing frustration to get
it back into a desirable range.
Join us at http://www.creditmaintainance.info/ Fix your personal credit or build
business credit, often times with no personal guarantee. The place to repair
credit rating, we are not a credit repair company and do not offer credit repair
services, but what we do offer is information on Credit Repair.
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