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Credit Score
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Your credit score is a product of your credit report that is looked at by lenders as a gauge on determining your chances of approval for a loan and at what interest rate. Your score is based on a numerical range from 300 to 850. The higher your score is the better chances you have of approval and the better interest rate you will get. Your credit history and payment timeliness determines your score. If you have or have had late payments or a delinquent account in the past, you could be in threat of having a low credit score.
Each individual lending institution determines the score that is acceptable for them to grant you a loan or a credit card and at what interest rate. Some lenders will only issue loans to people with good to excellent credit scores while other lenders are willing to give people with lower credit scores a “second chance” but traditionally charge a higher interest rate or may require a deposit.
Below is a general guideline of how determine what your credit score will mean in terms of getting approved for a loan.
750-850: Is considered excellent. You can expect to
be approved and receive a great interest rate.
680-749: Is considered good. Generally you will be approved
and granted a good interest rate.
620-679: Is considered to be middle of the road. More
than likely you will be approved but may end up paying a higher interest
rate.
550-619: Is considered to be poor. There are lenders
with programs designed to approve people with low credit scores but may
charge very high interest rates and fees.
300-549: Is considered very bad. It will be very difficult
to find a lender that will offer you credit at all.
If you have a low credit score there are many programs designed to help you get your score up and get your credit back into good standing. Since so many types of business are checking consumers credit scores these days, having a low score can not only effect your chances of obtaining credit but it can also lessen your chances of renting a house or getting a good premium rate on your car insurance. So you can see the importance of having your credit score be as high as possible.
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