What's Your Credit Score, And What Does It Mean?
Jeff Little
You've seen the commercial on television, no doubt. A potential buyer has just discovered that his credit score is 619. Now the number literally haunts him as he sees it on a man's jersey, on the side of a bus, just about everywhere!
For those who are "credit savvy," you know exactly the significance of these three digits. For the rest of us, we just politely nod and pretend to feel badly for this fictional character.
Do you know your credit score? Now, if you answered yes, here's an even more important question: Do you know what your number means? For those of you who don't (and those who don't want to admit out loud that you don't) here's a quick summary of credit scores and what this means in practical terms.
850 to 700
The best your credit score could be is 850 - it doesn't get any better than this. If your credit is this good, you have no worries when it comes to obtaining a loan - and you'll get it an interest rate that will keep you smiling for the length of the loan. In fact, scores of 720 or more may, indeed, qualify you for certain discounts or special offers. Congratulations, your mailbox is no doubt filled to over brimming with lenders just begging you to borrow money from them.
699 to 680
While you're not at the top of the credit heap, you're still in the upper crust of borrowers. You can pat yourself on your back for this achievement. You won't be offered any outstanding deals, but no loan officer is going to laugh in your face either. If you apply, they will approve. And your mailbox, too, is probably nicely filled on a daily basis with loan offers.
679 to 620
Ah, we're entering the Twilight Zone of credit ratings here. You're still in good shape, but a slip up or two - like a layoff and a couple of late payments - could spell trouble for your record. You'll get your loan (your interest rate might not be as low as you would like) but, you're going to accept it, thank the nice person and hope no layoff or dismissal from your job is imminent.
619 to 580
There it is the dreaded 619 of television commercial fame. But surprisingly, you'll still be able to get the loan - not at a great interest rate, that's for sure. But, chances are you won't refuse it either. A loan - with any interest rate - means a chance for you to improve your score.
579 to 500
Ouch! There's no other way to say it: You've got bad credit. Apply for a loan and you may obtain one - but you'll be crying every time you make a payment, because the interest will be, well ... outrageous. With a credit score this low, you should try to repair your credit before you apply. Credit this low is not a death sentence and with a little work, it can be repaired.
Where to turn for credit help
Bad credit is not terminal, nor is it permanent. There is plenty that can be done to make it better and give you a fighting chance at getting a decent loan. Just keep in mind that your credit score is not a reflection of your intrinsic self-worth, it's only a reflection of your most recent financial circumstances.
But, in your search to repair bad credit, don't fall for any con artist or scam program that comes along. Never is the phrase "knowledge is power" more applicable than here. And you can start increasing your knowledge by clicking to the free site, www.cleaning-up-bad-credit.com. Stop, visit and absorb the abundance of information this site contains. It provides you with tips - many of them directly form mortgage brokers and other lenders - on how you can quickly improve your credit score. And we're not talking small change here. If you use a few of these tips, you can raise your score as much as 60 points in 60 days. From explaining the most simple of credit terms for those "newbies" who find themselves overwhelmed with all the information, to talking about the finer nuances of the credit world for those who are already educated, www.cleaning-up-bad-credit.com is one of the best tools you can use.
Moreover, www.cleaning-up-bad-credit.com offers daily, free news articles to keep you current on the latest events in the lending arena. No need to scan three or four different sites to keep up with the news, because this site offers condensed, concise and, best of all, useful information. Visit it today, and bookmark it. You are sure to want to come back to it again and again.
About the author: Jeff Little
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