What's A Good Credit Score

Before we jump right in and answer the question "What's A Good Credit Score", let cover off the basic of what a Credit Score actually is.

A credit score is a judgment about your financial health at a specific point in time. The credit score is derived from a credit report which is a histories of everything you are doing with your credit now, and everything you have done in the past. The credit bureaus ( such as Trans Union, Experian, or Equifax) collect this information, list it on your credit report, and then sell it to credit grantors who wish to see your credit history before they decide to lend you money.

Essentially, A credit score is a measure of risk you represent for lenders, compared with other consumers.

What factors affect your credit score?

Previous credit performance or payment history,current level of indebtedness or amount owed,amount of time credit has been in use (Length of Credit), pursuit of new credit and types of credit experience.

So to answer the question "What's A Good Credit Score" is:

You are considered a "prime borrower", if your credit score is above 680. You will have no problems getting a good interest rate on your home loan, car loan, or credit card. The higher your score, the more favorably lenders look upon you as a limited credit risk thus help you save money in the long run.

With a credit score under 680,you are "sub prime", and will likely pay a much higher interest rate yours loans and credit cards.

With a credit score falling below 560 most lenders and credit issuers perceive you as a very High RISK, This is no place for an individual to be.You will still be able to get a credit card but the likelihood of you being charged security deposit or high acquisition fee is quite high. In addition to that your interest rate will likely be 22 to 27%. Most home loans and the majority of new car loans will be unreachable with a score below 560.With the score below 560, you will pay significantly more for interest on loans plus pay unnecessary fees. A low credit score may also deny you from getting a job with many companies.

So to recap, what's a good credit score? 680 and above are considered "prime borrower" anything less will cost you more money in interest costs.

Would you like to learn about improving your credit score by repairing your credit report which will put money back into your hands and out of the creditors pockets?

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