What is the good credit score range?

The credit score range will be the one to determine whether you are worthy enough for a loan. You will have a credit score that will fall within 300-850, 850 being the highest. Your credit score can either get you into trouble or make your life easier because of how bankers or lenders will see you. Take a look at the score range below and know more about how it will affect your life.

Excellent= 750-800

Easy loan applications (Car loan, home loan, student loan, appliance loan) with low interest rates.

Good= 680-699

Easy loan applications (Car loan, home loan, student loan, appliance loan) with reasonable interest rates.

Average= 620-679

Easy loan applications (Car loan, home loan, student loan, appliance loan) with fair interest rates.

Low=580-619

Difficulty in having an approved loan plus you’ll get very high interest rates.

Poor= 300-579

Chances of being denied are high with very high interest rates.

The ones above are just to give you an idea of what to expect depending on the score that you have. You may have different results but one thing is for sure, you’ll benefit more from a good credit score. It can help you save money too. Good thing there are simple ways for you to achieve a healthy credit score.

Check your credit score regularly; you are entitled to one free credit reports every year from the three big credit agencies. Better to request for a report every 3-4 months. Check it for errors and if there are any, file a dispute as soon as possible. Errors can affect your future transactions and may put off your score too. Next, try to finish off all your balances. In fact, you’ll get better results if you pay more than what is necessary. If you do this, you’ll finish it off faster and the interest rate will be go down as well. You’ll be saving more money overtime.

When the bill comes, pay for it as soon as possible. Paying out on time is a good way to get credit score higher. Be warned that missing out on a payment will leave a mark on your record that may stay for 7 years, so you better steer clear from doing that.

That’s basically what you have to do to be within a good range. Just keep track of your record and pay your bills on time. Use your credit wisely and stay within the limits.