Applied for a loan

Perhaps you have applied for a loan and the loan officer has told you your credit score. That score will determine for the most part if you qualify for the loan and what percentage rate your will pay for the money you borrow. The overall credit score range is from 300 to 850 plus. Some say that the range goes to 900, but is very rare to see a score of above 850.

Of course, it is the break down of that score that has real meaning to your creditworthiness.

Scores above 800 are for persons with no flaws in their credit. Of course, if you have never had anything reported on your credit report, positive or negative, you may have an 800 score. Without any credit history, that score is meaningless. If you have several years of credit history, and still have a score of above eight hundred, you have done well and will be offered the lowest of rates on your credit applications. Your credit rating determines what you will have to pay for many things.

Credit scores that do not make the 800 mark but are still above 720 are still a good credit score and may still qualify you for the best interest rates. Persons with these excellent scores have no reason to worry. You will qualify for great interest rates in this range.

Once your score drops below 720 all the way to 680, you still are considered to have a good credit score. This is not a perfect score, but it jadwal bola will qualify you for most car loans even though you may pay a bit more for interest.

While scores below 680 but still above 620 are still considered okay or good by some creditors, there will be more restrictions and less approvals for loans. In this range, you may want to start working to improve your credit score. You could be charged slightly more for your vehicle insurance.

Once your score drops below 620, you are considered to have bad credit. If your score is still above 580, you may qualify for a loan, although the lenders will be limited and you will definitely pay more for interest.

When credit scores drop below 580, it is generally because there are major derogatory marks on your credit score. You may have a charge-off, a foreclosure, collection, lates or even a bankruptcy at this point. If your credit score is in this range, you need help with repair.

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