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What is a Good Credit Score?

February 18, 2014 by  
Filed under Blogs, Credit Score

by: Michael Creditfirm.

score gauge

It seems that one the most frequently asked questions consumers have is “what is a good credit score?”

And it is a GREAT question.

As you start out toward the path of improving your credit score, it is important to clearly define your goals and set an exact target for your credit scores. This is why it is paramount to specify exactly what good credit is.

Although it can be a bit tricky defining the exact range for a good credit score. According to the Fair Isaac Company, the developers of the FICO scoring model, here are the general ranges for credit scores.

Credit Scoring Range.

  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-649
  • Bad Credit: below 599

What’s Your Credit Score?

Now that you can define what a good credit score is, it’s a good idea to find out where you stand. Credit monitoring companies charge anywhere from $10 to $30 per month to give you access to your credit scores. But, you can actually get your credit scores from all 3 credit reporting agencies for free (no credit card required).

Click Here to find out where you can get your FREE credit Scores (no credit card required).

Once you take a look at your credit scores, you’ll have an idea of how lenders view you and your creditworthiness.

But, how did the credit bureaus come up with these scores?

How Are Credit Scores Calculated?

Credit scores are calculated by applying a mathematical formula to the information contained in your credit report. So if you’re wondering why your scores may be a bit low, the answer will be in your credit report.

Click here to find out where you can get your FREE credit reports (no credit card required).

The FICO scoring model uses several key factors to determine your credit scores. And although the actual formula has not been publicly disclosed, we know the general guidelines used to calculate the FICO credit score.

  • Payment History
  • Amounts Owed
  • Length of Credit History
  • Credit Variation
  • New Credit/ Inquiries

Basically, the information in your credit report is run through an algorithm which scores your creditworthiness on the aforementioned factors, and spits out a number which helps lenders gauge the risk of lending you money. The higher the credit score, the lower the risk, the better the terms of the loan.

The Benefits Good Credit

Good credit will help you give you access to hundreds of thousands if not millions of dollars in credit at the best possible rates and terms. Whether it’s buying a house, financing a car, getting a business loan, or even a credit card for your day to day expenses; good credit will open the doors to a better life.

 

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Comments

One Comment on "What is a Good Credit Score?"

  1. James Shaffer on Sun, 2nd Mar 2014 1:29 AM 

    Now that I have finished paying a 30 year mortgage, I’m told that this ending will lower my credit score because the mortgage was a line of credit that is now closed. How does that make sense when my payment record is excellent? This is another dysfunctional system we are stuck with that does not serve consumers until one has the time and money to file suit or an act of legislation is brought to bear.

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