Now Get Busy and Raise Your Credit Score!
Why Raise Your Credit Score?
The answer is simple.Finding the best credit card, or the lowest mortgage interest rate, or good insurance ratesis to your financial advantage but the ability to apply, gain approval, and receivethe best interest rates on these thingsis in large part based upon your credit score.
Let's talk about credit cards.
Having a credit card in your possession that is low interest and one that you use intelligently willsave you thousands of dollars or maybe tens of thousands over your lifetime in interest charges.
According to Wikipedia "A credit score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus." Your credit score generally goes from 300 to 850 and the higher it is the better.
Take a good look at your credit report.
Go toAnnual Credit Report to receive your free annual copy of the credit report fromEquifax, Experian, andTransUnion. You may have to pay for your credit score, as that is not generally free from this source.
HoweverCredit Karma provides free scores and excellent information for the consumer. I recently wrote an article about Credit Karma
here that discusses why you can, and should, check your FREE credit score.. Below is a sample of the type of info you will find there. Also at the site you will receive recommended credit cards to apply for based upon your score. The score guidance here may vary slightly based upon which of the big three credit agencies from above that are used.
580 and below
This is considered the poorest credit rating and lowest range. You will get the most costly credit available because with poor credit, your options for credit cards are somewhat limited. Most companies won't provide a credit line without a deposit and virtually all credit cards are going to charge monthly fees or annual fees. However some of these cards will offer guaranteed approval and is the best way to start rebuilding your credit. You may reestablish your credit history by making on time monthly minimum payments to all of your creditors and maintaining your balances below credit limits.
581 -710
This is a fair to medium score and you will get middle of the road interest rates. Fair credit consumers are on the fence with most credit card issuers. Approvals tend to be based on your credit score and other factors such as income and credit card debt. If approved, most cards come with a small annual fee and a low credit limit. However small the credit limit, this is a great option if you have fair credit and can help you continue to improve your credit score.
711-750
You qualify for very good rates. With very good credit, your options begin to broaden and it's imperative to comparison shop. You'll discover a wider range of APRs, benefits, and fees. Be careful and do your research because very good credit and above is where many companies want to make their money.
751 850
What can I say? You qualify for the most advantageous rates available! You have excellent credit. You're virtually guaranteed approval for the top credit cards, but be sure to choose a card based upon how you will use it to save the most money.
Each credit score is used as a forecaster of your credit health, andthe point to remember is that all scores are related to each other and are based on the same statistical information. Accordingly no score is "best" and you don't need to worry about why one score is different than another.
Thereforeyou don't need toworry about the "number" of your credit score in relation to anything but itself. That number, at any given time, is merely a snapshot and what's truly paramount is the improvement of that total. Make your payments on time, steer clear of over-extending yourself, stay away from too many credit accounts, and your score will improve dramatically and quickly.
Now Get Busy and Raise Your Credit Score!
By: Theodore Henderson
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