If you’re going to make a huge loan, for example for a car or a house, you might’ve found yourself asking this question “What is a good credit score” without actually knowing the answer to it.
Let’s cut right to it. You’re looking for that big loan, but where would you go? Big financing companies look tempting but they have high interest rates and many hidden policies written in the fine text. Therefore, we can start your journey at your local bank, a safer and better alternative.
Before moving on, why would you pick your local bank rather than a high-esteem financing company? Because your local bank can look over your banking history as reference and will consider your case on an individual basis.
What’s more, the decision of approving or denying your application may go to a person that you already know – another benefit of using your local bank!
There are many kinds of testing methods but we’ll go with the most common one and that is FICO which gives “grades” from 300 to 850. Although all three major bureaus will report slightly different results, it’s a fact that everything caught between 700 and 849 is considered as a good score.
What goes above 760 is considered as excellent and it goes without saying that if you have 850 you’re a true God of credits. The problem with many consumers is that at this point they will wake up with a score situated between 500 and 600 and making that 300 points jump might look impossible to make. However, that is not so true.
Now that we know exactly what a good credit score is, let’s see how we can drastically fix low scores! What you have to do is write three different dispute letters to the bureaus (make sure to write statements and the account number) which will open disputes for different negative remarks on your credit reports. Most of the times, after pressing them just enough, they will probably leave those remarks and boost your score up by a notch, which can be great for you!
In these rough economics, you have to know the importance of your credit score. It’s crucial to have a good credit score, because else you won’t be able to buy a house, a car or literally anything else. Most employers can’t do much but pay their bills with their salaries and that’s it! That’s why you have to pay attention to your credit card and always pay your debts.