The ringmaster of your financial life is a three-digit number, that is, your CreditScore. It’s not simply a number, but your key to a good or bad financial life. Like the score in a cricket match, the higher your credit score is, the greater are your chances of winning at your finances. Call Today 323-776-6424 But why do you need a good credit score? A credit score is like a report card of your financial life; it shows whether your performance has been good or bad. When you apply for a loan, the first thing that the creditor looks at is your credit score. Because that three-digit number is the clear indicator of your credit worthiness. How well and timely you’ve returned your past loans majorly affects your credit worthiness and hence your credit score. It works as an assurance tool for the lender that the person is capable of timely paying off the debts. A good credit score not just gets you the loan you seek, but also some extra benefits that come along with it. A person with a good credit score ends up paying lesser to the lender than someone with a bad score. One may also win perks like minimum interest rates, longer repayment period, etc. Visit www.qualitytradelines.com Today Credit score ranges from 300 to 900. It isn’t clear as to what is the range of a good credit score as it is very subjective. However, a score of 700 or above is generally considered good. A majority of credit scores lie between the range of 600 and 750. A score of above 800 is considered to be exceptionally good. To maintain a sound financial life, one needs a good score. It’s imperative to know the factors that may negatively impact your credit score. An individual’s credit score is based on his past performance in terms of loan repayment, the amounts he currently owes and how long each loan was held before being paid off. Let’s discuss all the factors that may affect your credit score:
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Yes, there are MANY different credit scores out there. There are credit scores
consumers can pull themselves through credit monitoring, mortgage scores, auto scores, and many more. There are actually over 16 different credit "scorecards" that exist today. Each of these scorecards will reflect different credit scores. These scorecards are designed to help particular industries better gauge credit risk. The mortgage industry for example is more concerned with a consumers past mortgage history than anything else. So they weight home loan history heavier into the total score calculation than other accounts. So a consumer’s credit monitoring score might be 660. But then when they apply for a mortgage, their score might be much lower due to some past negative mortgage accounts on the report. Their mortgage score might even be higher than their consumer score, if they have past positive mortgage accounts. A credit score that a consumer pulls themselves will not be the same as their mortgage score. Their mortgage score won’t be the same as their auto score that car dealers pull either, because the auto score weighs past auto history heavier into the score makeup versus consumer scores. These different credit scorecards are designed to help specific industries better determine risk. Due to there being so many industries that offer credit, there are also just as many credit scores available. Plus, different scores are offered by different companies creating even more credit scores. FICO is the biggest provider of consumer credit scores. But now even the credit bureaus themselves are in the credit scoring game, providing their Vantage score. A Vantage score has scores as high as 990, while a FICO score can only be as high as 850. So even though a 700 FICO score reflects good consumer credit, a 700 Vantage score reflects below average personal credit. One thing is for sure; credit scores WILL be different based on who pulls the score and where the score is pulled through. Still good credit is good credit. And fundamentally any consumer who pays their bills on time and has a good long-standing credit history, including a lot of different accounts, will have a good credit score, By adding positive trade lines to your credit report can dramatically increase your credit score. Email: [email protected] or visit www.qualitytradelines.com for more information. . 323-776-6424 A good Credit Score is the Score that gets you the Credit you need at the terms you want A credit score is a numerical grade of your financial health that helps determine whether you qualify for a loan and what the terms of that loan might be. The higher your credit score, the likelier you are to get a good rate on a loan, or a loan at all. Here's a quick breakdown of what is a great credit score, what is a good credit score, and what is not so good. According to a chart put together by Experian, a credit score of 800-850 is considered exceptional. Around 20% of Americans have a rating in this bracket, according to that chart. A credit score of 740-799 is considered "very good." Folks that score in those ranges have a better chance of getting lower rates on loans. A "good" credit score falls within the 670-739 range. According to Experian, only 8% of people with a good score "are likely to become seriously delinquent in the future." If you need to grow your credit score then give us a call or visit and we can help you grow your credit score in 7-10 day Call us at 323-776-6424 visit us at www.qualitytradelines.com |
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June 2019
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