![]() Monitor your credit report to stay in the right credit score range Other considerations are length of credit history, about 15% credit mix (having accounts such as mortgages, loans and credit cards), about 10% and new credit (or credit inquiries received from new creditors) about 10%. Amounts owed typically makes up about 30%. Payment history typically makes up 35% of the total calculation. Generally, people with a good credit score have a long history of making their credit card and other loan payments on time. Poor: When you have defaulted on loans or frequently pay your bills more than a month late, your credit score is likely to be poor, and you may not qualify for a credit card or loan if you apply.You likely made a payment that was 30 days late or more, carry a high debt load and this means you won’t be eligible for the best interest rates. Fair: A credit score of 580 – 669 means you’re in the “fair” range.This means you’re considered dependable, but you may have had a late payment in the past, carry higher debt levels or you may not have a long credit history. Good: If your score is between 670-739, you’ll fall into the “good” range.People in this range are considered dependable borrowers. Very Good: The “very good” range usually means you have a credit score of 744 – 799. ![]() Falling anywhere in the “exceptional” range means you should qualify for most credit card offers as long as you meet other application requirements. Exceptional: A score of 800 or above puts you in the highest FICO® Credit Score range.There are five levels of credit score ranges on the FICO® Score scale. What are FICO® credit score ranges?įICO® Scores are calculated with algorithms created by Fair Isaac Corp., which is why they’re called FICO® Credit Scores 1. FICO® Scores generally range from 300 to 850. ![]() It could also influence the kind of home or car you’ll be able to buy. ![]() It can influence how much interest you’ll have to pay on loans and credit cards, or whether you’ll be able to get them at all. Your credit score is a three-digit number that has a strong influence on your financial life. “Fair” credit score ranges indicate to credit issuers that a credit user may hold high amounts of debt. “Very good” and “good” credit score ranges tell credit issuers that a credit user usually pays back debts dependably. “Exceptional” credit scores can mean a person qualifies for most credit card offers, depending on other elements of the application. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |