Benefits Of A High Credit Score
Upholding an excellent and responsible credit score is always of the essence. Otherwise, you will be running a huge risk of not being approved by the creditors.
You can refer to the Credit Score Rating Scale if you’re not sure what scores are considered high or low. When your credit score belongs to the higher side, even if it’s not in the 800’s, say, 720, there’s pretty much no need to try and raise it as lenders often categorize you with those of higher scores. The reason for this is because the risk of default on loans is basically low for individuals with credit scores this high.
If you have high scores, it follows that lenders will most probably give you very favorable rates. As a matter of fact, you can even ask for the best possible conditions there are. Having a score this good can almost assure you will be eligible even for big ticket items you are eyeing on. Lenders even let you borrow more than 80 percent of the value of your home without even requiring private mortgage insurance. You are seemingly going to get a home equity loan or line of credit with an interest rate equal to the prime rate, or even below it.
Having a good credit score does not only mean you are qualified to buy a house or a car, but it gets you on top with regard to employment, particularly with financial establishments. Truth be told, many companies these days only hire people with credit scores of at least 720. Credit scores are indicators of their work ethics, loyalty and their decision-making abilities.
Nevertheless, just because you haven’t borrowed any amount of money doesn’t mean you have a high credit score automatically since credit score is based on how you borrow. Let’s put it this way, if you don’t borrow, you cannot score well, there’s simply no basis. You borrow to establish credit.
The one thing we all need to have is discipline. Know your credit score and keep it high, or work on getting it high. You’ll never know what luxury you can get in having a high credit score.
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Why Paying Early Pays
Suffice it to say, credit is one of today’s most serious financial problems that you could have. Even most countries in the world are in debt. This menace never fails to give us a pain in the neck, but it wouldn’t have been a problem had your credit score been in good shape. Stop crying like a little girl if your score is not as high as you would want it to be. There’s always room for improvement in this department. Before you get down to detail, you must know what this credit is all about.
Credit score pertains to the numerical expression that indicates the creditworthiness of a person. Creditors rely on this number when deciding whether or not to approve a particular consumer for a loan. If you have a high credit score, you can be approved for credit from practically anywhere that you wish to, and it depends on your source of income and stuff like that.
Your credit score goes on a downward spiral when you have applied for a credit. If getting approved for loans is giving you a hard time, then it simply means that your credit score is not exactly likeable. In order to raise that credit score of yours, you must always be religious to prompt payments. Also, paying off everything in full amounts will help boost your score.
Majority of consumers miss a payment every now and then, but you must know that even just a single late payment could negatively affect your credit score. However there’s always a solution to every problem. Certainly, you must determine what your credit score is. You can see it online from the major credit bureaus every year, free of charge.
Paying up every debt on time is a guaranteed way to boost your credit score back up, albeit there are other things you should consider, too. Nevertheless, this must always remain on top of your list. When you have an improved credit score, you can go about using credit more efficiently.
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What is cheapest way to improve credit score if you have several cards with high balances on them?
Question by gladtobeinla: What is cheapest way to improve credit score if you have several cards with high balances on them?
If you have several cards with close to max amount used on them is there a “magic percentage” like paying 65% off or 60% off in order for the credit score bureaus to take note and give an improved credit score?
Best answer:
Answer by Todd S
Under 20% is the magic number per industry experts. So the best way to get your balances down below 20% would be to either pay them down that much (if possible), or execute a balance transfer. If you go the balance transfer route, you’ll have a high balance on one credit card as opposed to two or three or however many cards you’ve got.
The downside is opening a new credit card, which can lower your credit score temporarily. But long term, eliminating those balances will far outweigh the ding for opening a new credit card. A balance transfer credit card will probably also save you a lot of money in interest.
Add your own answer in the comments!
How High Does My Credit Score Have To Be?
Among the many different numbers that accompany us throughout life, our credit scores are one of the most significant. The typical range of credit score varies from 350-800 while some model range up to 900. Those that have higher than 750 can get best interest deals and insurance premiums while consequently, people having low scores get higher interests and higher premiums. In order to have your credit score improved, a person must be able to understand what makes up the rating as a whole.
However, you might be wondering how high your credit score has to be to get a mortgage or an auto loan. Watch this video and the questions that have been bothering you might just be answered.
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How To Build Credit And Rebuild Credit For Financial Success
How To Build Credit And Rebuild Credit For Financial Success: Get Expert Credit Advice For Building Credit and Credit Repairing To Help You Get High … Difficulty To Improve Your Level Of Living
Credit when used wisely can do a lot to help us improve our level of living. Good credit allows for many advantages that we sometimes take for granted: credit cards, the ability to rent an apartment, qualifying for home financing or a car loan, borrowing money from banks and so much more. That’s why it is imperative to build a good credit history from the moment you start establishing credit. It is also necessary to rebuild credit right away when there is damage done and you have bad credit. If you fall behind in payments towards a creditor, each incident will be reported to your credit bureau and it will end up reflecting as bad credit in your credit rating. When you have bad credit, you make all the credit-dependent activities mentioned above difficult, if not impossible, for you. Without credit to help you get by in life, how can you afford some of the things that can improve your way of living? The information in this book will help you, firstly, to build credit if you need to establish credit and, secondly, to help you rebuild your credit, either raise your credit score or fix your bad credit rating. With the credit advice and credit tips from financial experts, this book will surely help you get good credit history so you can easily obtain credit from anyone, anywhere and use that credit wisely to improve your level of living.
List Price: $ 15.95
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More Good Credit Products
How To Build Credit And Rebuild Credit For Financial Success: Get Expert Credit Advice For Building Credit and Credit Repairing To Help You Get High Credit … Difficulty To Improve Your Level Of Living
How To Build Credit And Rebuild Credit For Financial Success: Get Expert Credit Advice For Building Credit and Credit Repairing To Help You Get High Credit … Difficulty To Improve Your Level Of Living
Credit when used wisely can do a lot to help us improve our level of living.
Good credit allows for many advantages that we sometimes take for granted: credit cards, the ability to rent an apartment, qualifying for home financing or a car loan, borrowing money from banks and so much more.
That’s why it is imperative to build a good credit history from the moment you start establishing credit. It is also necessary to rebuild credit right away when there is damage done and you have bad credit.
If you fall behind in payments towards a creditor, each incident will be reported to your credit bureau and it will end up reflecting as bad credit in your credit rating. When you have bad credit, you make all the credit-dependent activities mentioned above difficult, if not impossible, for you.
Without credit to help you get by in life, how can you afford some of the things that can improve your way of living?
The information in this book will help you, firstly, to build credit if you need to establish credit and, secondly, to help you rebuild your credit, either raise your credit score or fix your bad credit rating. With the credit advice and credit tips from financial experts, this book will surely help you get good credit history so you can easily obtain credit from anyone, anywhere and use that credit wisely to improve your level of living.
List Price: $ 3.99
Price:
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Personal Finance 101 – A Beginner’s Guide: What Every High School and University Student Needs to Know About Debt, Credit, and Money!
Personal Finance 101 – A Beginner’s Guide: What Every High School and University Student Needs to Know About Debt, Credit, and Money!
Everything that you need to know about basic personal finances, from how to open a checking account to getting credit cards to how to use credit wisely and to your advantage to how to avoid getting into trouble with debt and credit to how to get a loan or grant for university to basic investing ideas, and more is in this book! Filled with a wealth of knowledge to help you gain good personal financial habits and retire wealthy, Personal Finance 101 – A Beginner’s Guide is ideal for teens and twenty-somethings just starting out in the financial world. Parents will want to read this book with their young adults to give them the head start in financial life that they never received. Complete with numerous links to on-line resources, you’ll want to refer to this book over and over again!
List Price: $ 7.95
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