Actually there are various scoring systems available today and they all differ in scales, a credit score is considered to be “good” depending on the system which was being used by the particular lender. On the other hand, you can have the basic idea on how to get a high credit score by having the report from Experian. And if, say for instance, you will end up getting a high credit score, the same thing will happen to your lender. Most probably you have watch the commercials as well as heard some jingles so you know why getting good credit score is essential. So, what is a good Experian credit score?
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In general, credit scores are from 600 – 750 and having a score of 700 or higher is considered to be a good Experian credit score but it doesn’t end there. The truth is, having an excellent credit score will not assure you of a loan or it doesn’t mean that your finances are in perfect shape. The purpose of a credit score is to give the lender the needed information for him to assess your credit worthiness. You can have a loan depending on your credit history, credit utilization, credit amount available and the like.
What makes up a credit score? Such scores can be affected by various elements like the number,age and type of accounts, your total debt, the severity and number of your late payments as well as your public records, found in the credit report. And also, your race, religion, color, marital status or sex doesn’t have anything to do with your score as well as your age, salary and occupation and where you live. Your score will not also go up if you do some inquiries such as consumer disclosure inquiry, promotional inquiry and the like. In addition to that, such score will be determined by the use of a complex formula, though there are plenty versions of getting the credit score, but the most common is the FICO credit score, because it is the standard and the range is from 700 up to 850 is considered a good score while having a score of 680 – 700 is considered to be average and below 620 is a poor credit score.
Having a high credit score will not mean that you can have your dream car and drive anytime you want, while having a poor credit score will not mean your loan will not be approved. If upon assessing your credit profile and they found out that you have good credit score then most probably your credit will get approved; credit score is just the basis of the company. And also, if you have high score, you are entitled to more credit available as well as qualifies you for much lower rates of interest when they approved your loan.
The biggest factor that could affect you credit score is your payment history, so if you pay your loans on the specific date being set, then you will get a good credit score. Now I believed that you have an idea on what is a good Experian Credit Score.
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