Discovering Whats A Good Credit Score

Article Written By: RebbecaMyers

What's a good credit score? That is the age old question isn't it? Whats a good credit score? That answer is easier than it is to get it and keep it. A good credit score is from around seven hundred to eight hundred and fifty (which is top of the chart). When your score reaches this stellar spot on the chart, you are getting your way everywhere you go. You are now thought of as a great borrower, they know you pay your bills on time and do not carry much personal debit. The easiest way for me to show you how the credit rating game works, we will start at the bottom of the scoring system. We will work our way up to "excellent risk" from there. With a score of 550 and less, your credit is equally as bad as the person with a 760 is great. This is two ends of the spectrum.

The score set of 550 and below, in most cases, will not get you a thing except frustration. You will not, in most all cases be able to get any credit on your merit alone. You will need a co-signer with excellent credit to back you up. You will not be able to get a mortgage or auto loan with this score. You will have to be patient and pay off some of that debit to start moving up.

When you are in the 600 to 645 range, this is still tough territory when it comes to qualifying on your own merit. You may possibly qualify for some credit if you have a large down payment and want to pay astronomical interest rates to borrow money. You are still high loss potential to a lender and will probably need a co-signer. Just keep paying that debit down and be patient for a while longer and your score will start to raise. You are still considered "high risk" when you hit the 650 to 698 range. You will be able to get some loans in your name as long as you have a large down payment and are willing to have the highest interest car loan on the block you live on. With a little care and good pay history you can make it to the next level and actually get a good loan.

At 730 to 790 score, you will start to get some respect from lending institutions and begin to get a reasonable interest rate with no money down. You can begin to get the loan package that you saw advertised on T. V. Your application process begins to become less of a hassle and your down payments will be much lower if you have to pay one at all. When you hit the 800 bracket, you can begin to haggle for your own interest rates and payments. You have become the borrowing king, the lenders know this and they will do a lot of things to get your business.

You now have an extraordinary credit rating. Well bring out the parade and paint me purple, congratulations you are at the top of your heap, You are the credit score we all strive for. Congratulations and keep on making those payments.

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