Credit Score Rating Scale

Credit Score Rating Scale

The credit score rating scale is a confusing numeric system to understand. There are lots of numbers and every one of them means a different thing. The sooner you understand this scale, the easier it will be for you to do the necessary repairs to improve your score faster.

How your score is composed

There are a few things that are reviewed by companies in order for them to compose your credit score. They look at your past payment history. How well you pay your bills and when you pay them. They pay close attention to your outstanding debt. If you have too much debt, your score will be lower. It is also composed of how long you have had your credit history. If you are just starting out, your credit score may be lower even though you do not have any bad points on your report.

Two more important factors for your score

Your recent credit applications are another inquiry that companies will look into. If you have too many credit applications made, this will look bad on your report. You should also think about what types of credit and loans you have. You do not want to have a lot of high balances on your credit report. These balances along with high interest rates will go against you and decrease your score.

What is a great score?

Any score that is 700 or above is considered a great score. If you have a score with 700 or above, you will have no problem getting credit at a great interest rate. A score of 650 and below defiantly has room for improvement. A score between 650 and 450 needs to be worked on. You will probably have a harder time getting a loan or any type credit without securing it. This means that any loan that you apply for will need to have some kind of collateral in place to secure it. If you have a score of 450 or below, then you desperately need to get some help with your credit. It is likely that you will not get any type of credit or loan unless you receive some form of counseling to improve your score.

Getting the help that you need

There is help available for you when you are looking to improve your score. There are places that will offer free credit counseling. They will show you ways to get your score increased and help you be more responsible in your financial decisions. Getting the help now with your score will get you on track faster.

Best Credit Related Products

Did you not find what you were looking for?

Try searching here!

• Hundreds feel sting of credit card scam (Plano Courier)
  
  Plano police, along with surrounding agencies, are looking for a man behind a string of fraudulent credit card transactions. Plano police issued two warrants for Ike Henry Cook Jr., 36, for credit card abuse.



• Credit card companies quick to raise rates, fees (Atlanta Journal-Constitution)
  
  Greg Fischer was already fed up with Bank of America for doubling his credit card's interest rate to 28.99 percent ? the price for being a couple of weeks late with a payment in April.



• Tenants can pay for rent using their credit card (Scoop.co.nz)
  
  Press Release: RentExpress allows Tenants to pay for rent using their credit card.



• Portsmouth man arrested in Chesapeake credit card theft (The Virginian-Pilot)
  
  CHESAPEAKE A Portsmouth man turned himself in to Chesapeake police after seeing a surveillance photo released Friday, a Chesapeake police news release said. Brandon Wyatt Wysong, of the 4000 block of King St., was charged with burglary and use of a stolen credit card and was being held in Chesapeake City Jail.



• Credit card debt will soon be all of society's problem (Deseret Morning News)
  
  We finally have an answer to that chicken-and-egg question about credit card debt. You know the one. It was all the rage three years ago when Congress was debating bankruptcy reform.