Credit Report Score
Have you bought a house, a car, or made any other major purchases?
If you have you are likely already aware of how important your credit report score is.
If you aren’t aware of it and have not made any major purchases recently, but are planning to, this article is very important to you.
When a lender runs your credit report looks at your credit report score, he or she is able to make a decision on how desirable of a candidate you are for that loan.
And…they determine what kind of loans are available to you.
If your credit is “great” or at least “good” you’ll have many more loan programs and better pricing than if your credit is “bad” or “poor”
What many people don’t realize is that we constantly contribute to our credit report score whether positively or negative with every purchase you make via credit or a contract that you sign. Cash transaction generally to affect your “credit rating”.
Paying your bills on time has a positive impact on your score whereas late and missed payments can be crippling to your credit report score.
Also the amount you pay affects your credit. Do you “pay in full” each month, or are you making the “minimum payment”?
If you are not familiar with the term “credit report score”, the good news is that it is a fairly simple concept.
Your credit report score is a number ranging from 300 to 900. This number provides potential lenders with important information.
A good credit report score means that you have made prompt, timely loan payments and have a solid credit history.
A low credit report score is usually indicative of the fact that you may not honor your financial commitments in a timely manner. This often persuades lenders to decline your application for a loan.
If you are not sure what your credit report score is, it is fairly easy to find out.
According to federal law, consumers are entitled to a free credit report each year. After requesting your credit report, you can then view your credit report score.
To many people, the number is still almost a foreign concept. A credit report score from 801-900 is an “A++” rated credit score and is something to be quite proud of.
FYI….I have been a loan consultant for years and I have only seen a handful of scores up to the 830 range.
A credit report score of 701-800 constitutes an “A+” credit rating.
A credit report score of 601-700 is “A-B” credit, the closer to 700 the better. Many loan programs will be available to you.
A score that is below 600 means it will probably encounter more difficulties in finding the great loan programs and great pricing that your friends “Tell” you they got.
A credit score of 500 – 600 means that you’re going to have problems. As a lender I know that there are loans out there for anyone who wants them, however, they may get expensive both with the costs that you pay at the close of the loan and they will come with higher interest rates.
