Credit Scores
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Top 5 tips about your Credit Scores:
How your credit score is calculated
Your credit score is made up of your payment history, amounts owed, length of credit history, types of credit, and new credit. This data is pulled from the three major credit bureaus files that also make up your credit report. Your credit score is a number that falls somewhere in the range of 300 to 850.
What is a good credit score?
A good credit score is typically between 600 and 650. This will qualify you for most loans at a good rate. An excellent credit score is considered to be 750 and above. This will qualify your for the best rates available.
How to improve your credit score
Improving your credit score is well worth it if it is below 750. Paying your bills on time and paying off credit card balances helps a lot. Having a long credit history will help so be patient.
Get a copy of your credit report
Each year you are entitled to a free copy of your credit report from the 3 major credit bureaus. Get a copy from all three and review it carefully. Make sure that all of the information is correct and up to date. An accurate credit report can effect your score and will also let you know what areas to work on too.
Avoid bankruptcy
Stay out of a bankruptcy if at all possible. A bankruptcy can knock 200 points off of your score and will stay on your record for 7 years. High interest rate lenders will love you as a customer. Mainstream lenders will avoid you and your business like the plague.
Knowing Credit scores can help you to win the game.
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