Choosing A Credit Card, Credit Card Articles, Using Credit Cards - Friday, November 2, 2007 14:57 - 0 Comments

What Is A Good Credit Score?

The question “What Is A Good Credit Score” is asked often and for good reason. The fact is, if you want to buy a new home, a new car, or start a business you are probably going to need to borrow money to do it. Borrowing money means we need to talk about your credit score. So what is a good credit score? Your credit score, good or bad, is based on the FICO credit scoring system. FICO stands for Fair ISAAC & Company, the leading credit reporting agency. 100% of lenders use FICO to determine your creditworthiness.Below are listed some important markers concerning credit scores

• 700+: Best rating possible. You will be able to qualify for just about any loan you want. Preferably one with low interest rates and the most benefits and features out there. If your credit score is 700 & up congratulations! - Click here to view cards you can qualify for
• 640-700: This is also a great score. A score in this range will allow you to get more money than you asked for. Some lenders offer up to 125% of the money you ask for. - Click here to view cards you can qualify for
• 600-640: Not a bad score, you’ll be able to get your loan without having to put money down - Click here to view cards you can qualify for
• 500-600: Not the best score but if you are willing to put money down you’ll still get the loan you are looking for - Click here to view cards you can qualify for
• 500 and below: The bad news is that you have credit problems and you may be out of luck on your loan. If you are approved it will be through a high-rise lender that is going to charge higher interest rates and / or longer terms - Click here to view cards you can qualify for

This is the credit score “yardstick” that lenders use. Once you know where you stand you’ll want to know how you measure up. You can do this by looking into the “Big Three” consumer reporting companies.

1. Equifax
2. Experian
3. TransUnion

It is easy for you to find out if you have a good credit score. Once a year you are able to order a free credit report form from all three of the consumer reporting companies.

Asking what is a good credit score? is the first step into repairing your credit, at least you’re curious and that’s a good thing. If you find that your credit score is low and you need to do some credit repair CreditorLink recommends applying for secure credit cards that allow people with bad credit to put money down on a card and slowly build credit. Taking this step is key in raising your credit score. To view our list of secure credit cards click here.