What is a Good Credit Score?
What is a good credit score? The number itself may be an obscure reference to something more substantial and important. This article will explain what a good credit score is and why it’s so important.
Credit scores range from 300 on up. That three-digit number may sound random, but it actually matters a great deal. A good credit score makes you a good risk to lend money, qualify for the best interest rates on loans and credit cards, and even qualify for better mortgage deals. You need to understand what this number tells lenders. And you need to know what it can mean to you if you are falling behind in your credit history or scoring poorly.
How do you find out what is a good credit score? One obvious place to check it is with your current credit card companies. Lenders use your credit score in a variety of ways when determining what interest rate you will qualify for, what credit limits you will be able to maintain, and what interest rates you will be charged. Getting approved for these terms can make or break your financial future. So it is worth it to keep your credit score in good standing.
But how do you know what is a good credit score? There are many websites and publications that give you a credit report in detail at your FICO scores and other useful statistics. You can access free copies at major consumer reporting firms, such as Identity IQ. The most effective tools for finding out what your current scores are will be those that have been proven to work by actual consumers.
Many consumers simply go online, enter their name, birthdate, social, and other information receive their credit scores in minutes. While many consumers find this convenient, the credit repair services that claim to be free actually sell your information to creditors and the information they give you and the creditors are usually old and outdated. And it doesn’t tell you the whole story about your scores. For instance, the numbers may be calculated differently from the way the VantageScore formulas are used by creditors and lenders who calculate your credit history. So it’s not really as simple as going online, entering your names and birthdates, receiving an email, and receiving a score.
The better solution is to sign up with a credit monitoring service that will give you the real story about your past and present credit scores. There are services available that can do this daily, weekly, or monthly for a one-time small fee that will end up saving you thousands. Here at Lux Credit Repair, we will help you sign up so we can get started fixing your credit score. These services will provide you with the latest and greatest information and help you manage your finances more effectively. Contact us today to get started on your credit repair.