Credit Score: What It Means And How It Can Improve

Credit Score: What It Means And How It Can Improve

A credit score lets others see at a glance how good your credit is. Generally, above an 800 is excellent, 750-800 is very good, 700 -750 is good, (about 678 is considered average), 650-700 is fair, 600-650 is bad, and below 600 is very bad. Even having no credit is better than having bad credit. However, having ok credit is much better than having no credit because with no credit, lenders have no way to tell if you are the type of person that will pay on time, or at all.

You can find out your credit score on-line for as little as a dollar. It would be wise to find out your credit score ahead of time before you try to make a large purchase so if your credit score is not where you need it to be, you will have time to fix it before you need to use it. To fix your credit score (if there aren't any mistakes on your credit report that would fix it), negotiate to a lower interest rate that you can afford each month, either by doing debt consolidation with a low enough interest rate or going through a third party to do the negotiations for you.

The best way to improve your credit score is to pay at least the minimum payment on time. You don't have to carry a balance, however, to improve your credit score. You can pay your balance off in full each month (without ever having to pay interest) and it will still improve your credit because lenders will be less nervous about lending you money since you obviously know how to handle your finances by making sure you can pay your credit card in full each month, and you are responsible with using a credit card.

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