Jennifer Quilter asked:
The credit rating score scale is used by every company that takes a look at your finances, and yet most people don’t have any idea what the numbers mean. By learning the basic information you can be better prepared by knowing what to expect from companies when you apply for things.
Your score will matter on all sorts of applications. This information will not only be used to determine whether they will accept your application, but also to decide what rates will be offered to you. By having a better rating, you will save yourself money. This will matter when you apply for loans especially, but will also matter for renting a home or apartment, renting a car, insurance of any kind, and employers are often looking at this information now, making knowledge about the credit rating score scale all that much more important.
The number you receive is based on the information in your credit report. Each company you apply at with interpret your information individually, they will decide what they think a good score is, and how heavily they will weight other information on your application and anything from your credit report. If one company turns you down, it doesn’t mean you won’t have better luck elsewhere.
Though every company interprets the information individually, we can look at patterns and see how your score will generally be viewed.
The credit rating score scale ranges from 350 to 850, with individuals at either end extremely rare.
Anything below 500 is considered very bad and you’ll have a difficult time getting accepted for most things. You’ll want to really have a strong income and other things going for you to try and make yourself look better as an applicant. Really you should immediately be working on building up your score with secured credit cards and other credit building methods.
Those ranging from 500 to 600 are still in a very serious situation, and most of what I said above will apply to you as well. However, you may have an easier time as long as you have a good stable income.
People with credit ratings of 600-649 will hopefully be able to find acceptance at most places, but the interest rates will be very high.
You shouldn’t have much of a hard time finding companies to work with you if your score scales in the 650-679 range, and your interest rates won’t be the worst, but they won’t be great, either.
If you have a score of 680-720 you should be very happy! You will be able to do anything you want to, and while you typically won’t get the best interest rates available, they won’t be bad, either.
Anything over 730 is considered absolutely excellent! This is the dream goal for your finances, and will have a big effect on your overall life. Try and keep your finances simple and manageable to stay in this desirable range.
While everyone looks at the credit rating score scale differently, having this rough understanding of what all of this means will greatly help you reach all your financial goals.
Marvin
The credit rating score scale is used by every company that takes a look at your finances, and yet most people don’t have any idea what the numbers mean. By learning the basic information you can be better prepared by knowing what to expect from companies when you apply for things.
Your score will matter on all sorts of applications. This information will not only be used to determine whether they will accept your application, but also to decide what rates will be offered to you. By having a better rating, you will save yourself money. This will matter when you apply for loans especially, but will also matter for renting a home or apartment, renting a car, insurance of any kind, and employers are often looking at this information now, making knowledge about the credit rating score scale all that much more important.
The number you receive is based on the information in your credit report. Each company you apply at with interpret your information individually, they will decide what they think a good score is, and how heavily they will weight other information on your application and anything from your credit report. If one company turns you down, it doesn’t mean you won’t have better luck elsewhere.
Though every company interprets the information individually, we can look at patterns and see how your score will generally be viewed.
The credit rating score scale ranges from 350 to 850, with individuals at either end extremely rare.
Anything below 500 is considered very bad and you’ll have a difficult time getting accepted for most things. You’ll want to really have a strong income and other things going for you to try and make yourself look better as an applicant. Really you should immediately be working on building up your score with secured credit cards and other credit building methods.
Those ranging from 500 to 600 are still in a very serious situation, and most of what I said above will apply to you as well. However, you may have an easier time as long as you have a good stable income.
People with credit ratings of 600-649 will hopefully be able to find acceptance at most places, but the interest rates will be very high.
You shouldn’t have much of a hard time finding companies to work with you if your score scales in the 650-679 range, and your interest rates won’t be the worst, but they won’t be great, either.
If you have a score of 680-720 you should be very happy! You will be able to do anything you want to, and while you typically won’t get the best interest rates available, they won’t be bad, either.
Anything over 730 is considered absolutely excellent! This is the dream goal for your finances, and will have a big effect on your overall life. Try and keep your finances simple and manageable to stay in this desirable range.
While everyone looks at the credit rating score scale differently, having this rough understanding of what all of this means will greatly help you reach all your financial goals.
Marvin
