What’s a Good Credit Score? – Credit Smart Book
So what does having a good credit score means?
Having a good credit score regardless if it is Experian, FICO or perhaps TransUnion score is. You will have to report on your three credit reports and the lower score will end up being your FICO or Vantage score. It is really that easy.
The strategy to get a good credit score is to get all of the bad credit items removed from all the three reports. No worries, we will show you more on how to get this done.
How to calculate if it is a good credit score?
The credit score shows the number representing your life that relates to your past and current debt. Each credit bureau has its algorithm but there is some information available that you can get to calculate this scores.
Creditors always use your credit score to indicate your creditworthiness regardless if you like it or not.
Whats a Good Credit Score?
When it comes to a good credit score, there is no specific answer to it. However, usually the best is to get it at 700 or more.
That’s usually the score that can get you a better interest rates on loans and other types of credit. This does not mean that every lender is going to offer you the exact same rate even if you have scores above 700. It also depends on the amount of money that the lender has at that time you apply for the loan that will indicate what is the loan rate that they will offer it to you.
Furthermore, if your score is more than 700 then I would suggest that you monitor your score. For some reason, if the score drops, you will know instantly and know what it takes to get back up.
You might be wondering why is this important. The reason is that it allows to drop for 30 to 60 days and you’ll be able to see many of your credit card rates to increase. This is because every loan agreement will allow the lender to be able to adjust their rate.
We’ll sharing how you can force all the credit bureaus to give you a better score in the future. Let me know what you think of this first article in the comment section below. If you have any questions, feel free to contact us.